Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of FLY Leasing Limited Investors & Encour...
April 20 2016 - 10:30AM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces that a
class action lawsuit has been filed on behalf of investors who
purchased FLY Leasing Limited (“FLY Leasing” or the “Company”)
(NYSE: FLY) securities between May 8, 2014 and March 7,
2016, inclusive (the “Class Period”). FLY Leasing investors
have until May 24, 2016 to file a lead plaintiff
motion.
Investors who have suffered losses on their FLY Leasing
investments are encouraged to contact Lesley Portnoy of GPM to
discuss their legal rights in this class action at 310-201-9150 or
by email to shareholders@glancylaw.com.
On March 8, 2016, the Company issued a press release disclosing
that the Company and the U.S. Securities and Exchange Commission
(“SEC”) were discussing FLY’s accounting policy for business
combinations, including FLY’s accounting policy for intangible
assets and liabilities for aircraft acquired with in-place leases.
Fly also disclosed that “if it is determined after the conclusion
of the [SEC’s] review that FLY should separately recognize other
intangible assets or liabilities from what has been previously
recorded, the impact could be material to FLY’s previously issued
consolidated financial statements and require modification to its
accounting for the current and prior year results,” and that, “as a
result of the ongoing discussions with the [SEC], FLY may not be
able to timely file its Annual Report on Form 20-F for the year
ended December 31, 2015.”
According to the lawsuit, throughout the Class Period defendants
issued false and misleading statements to investors and/or failed
to disclose that: (1) FLY Leasing had engaged in improper
accounting with respect to intangible assets and liabilities for
aircraft acquired with in-place leases during fiscal years 2014 and
2015; and (2) as a result, defendants’ statements about FLY
Leasing’s business, operations and prospects were false and
misleading and/or lacked a reasonable basis. When the true details
entered the market, the lawsuit claims that investors suffered
damages.
GPM represents institutional and retail investors in securities
class actions throughout the country, and has recovered millions of
dollars on behalf of investors.
If you purchased shares of FLY Leasing during the Class Period
you may move the Court no later than May 24,
2016 to ask the Court to appoint you as lead plaintiff if
you meet certain legal requirements. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, or if
you have any questions concerning this announcement or your rights
or interests with respect to these matters, please contact Lesley
Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los
Angeles California 90067 at 310-201-9150, Toll-Free at
888-773-9224, by email to shareholders@glancylaw.com, or visit our
website at http://glancylaw.com. If you inquire by email please
include your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160420005278/en/
Glancy Prongay and Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224https://www.glancylaw.comshareholders@glancylaw.com
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