NEW YORK, May 4, 2016 /PRNewswire/ -- Attorney Advertising
-- Bronstein, Gewirtz & Grossman, LLC notifies investors that a
securities class action has been filed on behalf of those who
purchased shares of FLY Leasing Limited ("FLY" or "the Company")
(NYSE: FLY) during the period between May 8,
2014 and March 7, 2016
inclusive (the "Class Period").
This class action seeks to recover damages against Defendants
for alleged violations of the federal securities laws under the
Securities Exchange Act of 1934 (the "Exchange
Act").
FLY, together with its subsidiaries, purchases and leases
commercial aircrafts to various airlines worldwide.
The Complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements
regarding FLY's business, operational and compliance policies.
Particularly, defendants made false and/or misleading statements
and/or failed to disclose that: (1) during fiscal years 2014 and
2015, FLY's intangible assets and liabilities for aircraft acquired
with in-place leases were inaccurately accounted; and (2)
consequentially, FLY's public statements were materially false and
misleading at all relevant times.
On March 8, 2016, FLY released a
report disclosing that together with the U.S. Securities and
Exchange Commission ("SEC"), it is discussing FLY's accounting
policies, including business combinations and accounting policy for
intangible assets and liabilities regarding aircrafts with existing
leases. FLY reported 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 continued,
"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 dropped $1.12 per share, or 8.2%, to close at
$12.47 on March 8, 2016.
No Class has yet been certified in the above action. If you wish
to review a copy of the Complaint or join the action, please visit
the firm's site: http://www.bgandg.com/#!fly/dvl1r. To discuss
this action, or for any questions, please contact Peretz Bronstein, Esq. or his Investor Relations
Analyst, Yael Hurwitz of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email
info@bgandg.com. Those who inquire by e-mail are encouraged to
include their mailing address and telephone number. If you
suffered a loss in FLY you have until May
24, 2016 to request that the Court appoint you as lead
plaintiff. Your ability to share in any recovery doesn't
require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael
Hurwitz
212-697-6484 | info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC