FLY Fly Leasing Limited

Safirstein Metcalf LLP announces that a class action lawsuit has been filed in the United States District Court, Southern District of New York, on behalf of all persons or entities 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”). 

If you purchased FLY Leasing securities during the Class Period, you may, no later than May 24, 2016, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

If you want more information about the FLY Leasing Securities Class Action, contact Sheila Feerick at Safirstein Metcalf LLP, 1-800-221-0015 or email info@SafirsteinMetcalf.com or at www.safirsteinmetcalf.com/fly-leasing.html

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) during fiscal years 2014 and 2015, FLY had engaged in improper accounting with respect to intangible assets and liabilities for aircraft acquired with in-place leases; and (ii) as a result of the foregoing, FLY’s public statements were materially false and misleading at all relevant times. 

On March 8, 2016, FLY disclosed that the Company and the 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 stated 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.” 

Following this news, FLY stock fell $1.12 per share, or 8.2%, to close at $12.47 on March 8, 2016.

About Safirstein Metcalf LLPSafirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection.  All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.

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Safirstein Metcalf LLP
Peter Safirstein, Esq.
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1-800-221-0015
info@SafirsteinMetcalf.com