NYSE
OA

Orbital ATK, Inc.

Shareholder Securities Fraud Litigation

Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Orbital ATK, Inc. (NYSE: OA)

Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Eastern District of Virginia on behalf of all persons or entities that purchased the common stock of Orbital ATK, Inc. (“Orbital” or the “Company”) (NYSE: OA) between June 1, 2015 and August 9, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you purchased shares of Orbital during the Class Period, or purchased shares prior to the Class Period and still hold Orbital, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects.  Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) Orbital lacked effective control over financial reporting; (2) as a result, the Company failed to record an anticipated loss on the Contract after the loss became evident in 2015, as required by generally accepted accounting principles; and (3) as a result of the foregoing, Orbital’s public statements were materially false and misleading at all relevant times.  As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.

According to the Complaint, on August 10, 2016, pre-market, Orbital announced that the Company would miss its Securities and Exchange Commission Form 10-Q filing deadline for its most recent quarter and that “the Company’s previously issued financial statements for the fiscal year ended March 31, 2015 (“fiscal 2015”), the nine-month transition period ended December 31, 2015 (“2015 transition period”), the quarters in fiscal 2015 and the 2015 transition period, and the quarter ended April 3, 2016 . . . should no longer be relied upon” as a results of misstatements relating primarily to the Contract.  The Company advised investors that “[a]fter considering the misstatements . . . the Company believes that the Contract will result in a net loss over its 10-year term.”  The Company further stated these issues “indicate the existence of one or more material weaknesses in its internal control over financial reporting.”

On this news, shares of Orbital dropped over 20%, closing at $70.79 per share on August 10, 2016, on heavy trading volume.

If you wish to serve as lead plaintiff, you must move the Court no later than October 11, 2016.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  Any member of the proposed 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.

Attorney advertising.  Prior results do not guarantee a similar outcome.