Hagens Berman Reminds Fly Leasing Limited (NYSE: FLY) Investors of May 24, 2016 Lead Plaintiff Deadline in Class Action Trigg...
April 22 2016 - 8:30AM
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm, reminds Fly Leasing Limited (NYSE:FLY) investors of the May
24, 2016 lead plaintiff deadline in the securities class action
lawsuit triggered by the Company’s improper accounting for business
combinations and the related SEC inquiry.
If you suffered significant losses because of your purchases of
FLY between May 8, 2014 and March 7, 2016 or have information that
will help our investigation contact Hagens Berman Partner Reed
Kathrein, who is leading the firm’s investigation by calling
510-725-3000, emailing FLY@hbsslaw.com or visiting
https://www.hbsslaw.com/cases/FLY. The lawsuit was filed in
the U.S. District Court for the Southern District of New York and
investors have until May 24, 2016 to move the court to participate
as a lead plaintiff.
On March 8, 2016, FLY disclosed it and the SEC were “currently
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.”
The Company stated “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[.]” Moreover, the Company stated “as a result of the
ongoing discussions with the Staff, FLY may not be able to timely
file its Annual Report on Form 20-F for the year ended December 31,
2015.” As a result of this news, the price of FLY stock fell
$1.12, or 8.2%, to close at $12.47 per share on March 8,
2016.
The class action complaint alleges that Defendants made false
and/or misleading statements and/or failed to disclose that:
(a) during fiscal years 2014 and 2015, FLY improperly accounted for
intangible assets and liabilities for aircraft acquired with
in-place leases; and (b) as a result of this misconduct, FLY’s
public statements were materially false and misleading at all
relevant times.
“It’s very serious when any company – here, FLY – comes to the
attention of the SEC over potential improper accounting,” said
Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public
information regarding Amaya, Inc. should consider their options to
help in the investigation or take advantage of the SEC
Whistleblower program. Under the new SEC whistleblower program,
whistleblowers who provide original information may receive rewards
totaling up to 30 percent of any successful recovery made by the
SEC. For more information, call Reed Kathrein at
510-725-3000 or email FLY@hbsslaw.com.
About Hagens Berman Hagens Berman is headquartered in Seattle,
Washington with offices in 10 cities. The Firm represents
investors, whistleblowers, workers and consumers in complex
litigation. More about the Firm and its successes can be found at
www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit
the blog. For the latest news visit our newsroom or follow us on
Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
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