NOTICE TO L-3 COMMUNICATIONS’ CURRENT AND FORMER EMPLOYEES: Zamansky LLC Investigates L-3 Communications Holdings Over Its ...
May 13 2016 - 4:35PM
Business Wire
Zamansky LLC announces that it is investigating L-3
Communications Holdings Inc. (NYSE:LLL)(“L-3” or the “Company”)
over its employee Savings, Profit-Sharing and Stock Ownership Plan
(the “Plan”) for potential violations of the federal Employee
Retirement Income Security Act (“ERISA”). ERISA imposes fiduciary
duties to prudently invest, manage and monitor the assets of
employee retirement plans. These duties were allegedly violated by
the Plan’s continued offering of the L-3’s stock despite its lack
of prudence as an investment.
On July 31, 2014, L-3 disclosed accounting irregularities and
alleged misconduct in its Aerospace Systems division. L-3 announced
the firing of four employees and resignation of another employee,
and an $84 million pretax charge as it cut its full-year profit
guidance. On this news, the price of L-3’s stock plummeted by $20
per share, and securities fraud class action lawsuits were filed
for investors in L-3 stock.
On April 21, 2016, U.S. District Court Judge Valerie Caproni
denied L-3’s motion to dismiss the securities fraud class actions.
She upheld investor allegations that L-3’s reporting of its
financial results was false and material, and caused damaged to its
investors. According to investment fraud attorney Jake Zamansky,
her ruling suggests that there may also be damages under ERISA for
any L-3 employees or former employees who held L-3 stock through
the Plan.
What Current and Former L-3 Employees Can Do
If you are an existing or former L-3 employee who purchased or
held the Company’s stock through the Plan, please contact our firm
for an evaluation of your rights. You can contact Jake Zamansky by
telephone at (212) 742-1414 or by email at jake@zamansky.com.
About Zamansky LLC
Zamansky LLC is a leading stock law firm specializing in
securities fraud, ERISA and employment class actions. We are
investment fraud attorneys who represent both individual and
institutional investors. Our practice is nationally recognized for
our ability to aggressively prosecute cases and recover investment
losses.
To learn more about Zamansky LLC, please visit our website,
http://www.zamansky.com.
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Zamansky LLC50 Broadway - 32nd FloorNew York, NY 10004Jake
Zamansky, 212-742-1414jake(at)zamansky(dot)com
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