UPCOMING DEADLINE ALERT: Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 from Investment in FLY Leasi...
April 28 2016 - 10:00PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court for the Southern
District of New York on behalf of purchasers of FLY Leasing Limited
(NYSE: FLY) (“FLY” or the “Company”) securities during the period
between May 8, 2014 and March 7, 2016, inclusive (the “Class
Period”). Investors with losses in excess of $100,000 who wish to
become proactively involved in the litigation have until May 24,
2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff and be selected by
the Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from
investment in the Company’s securities during the Class Period.
Members of the Class will be represented by the lead plaintiff and
counsel chosen by the lead plaintiff. No class has yet been
certified in the above action.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that 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.
According to the complaint, following the Company’s March 8,
2016 disclosure that as a result of the Securities and Exchange
Commission (“SEC”) questioning 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 determined that it would separately recognize other intangible
assets or liabilities from what has been previously recorded and
that the impact of such a change could be material to FLY’s
previously issued consolidated financial statements and require
modification to its accounting for the current and prior year
results such that FLY may not be able to timely file its Annual
Report for the year ended December 31, 2015, the value of FLY
shares declined significantly.
If you have suffered a loss from investment in FLY securities
purchased on or after May 8, 2014 and held through the revelation
of negative information during and/or at the end of the Class
Period and would like to learn more about this lawsuit and your
ability to participate as a lead plaintiff, without cost or
obligation to you, please visit our website at
http://www.browerpiven.com/currentsecuritiescases.html. You may
also request more information by contacting Brower Piven either by
email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Brower Piven also encourages anyone with information regarding the
Company’s conduct during the period in question to contact the
firm, including whistleblowers, former employees, shareholders and
others.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
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version on businesswire.com: http://www.businesswire.com/news/home/20160428006613/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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