CASES
Lockheed Martin Corp.
Class Period: Apr 21, 2009 to Jul 21, 2009
Lead Plaintiff Deadline: Sep 19, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against Lockheed Martin Corp. ("Lockheed Martin" or the "Company") on behalf of all purchasers of Lockheed Martin Corp. Lockheed Martin common stock between April 21, 2009 to July 21, 2009. This case has been filed in the USDC - New York (Southern).
The Complaint alleges that, during the Class Period, Defendants issued materially false and misleading statements regarding the Company's business and prospects. Specifically, Defendants misrepresented and/or failed to disclose the following adverse facts: (a) that the Company was experiencing significant performance issues with several projects in the Information Systems & Global Systems ("IS&GS") division and would not be receiving anticipated awards; (b) that growth in the IS&GS division was slowing as the Company lost contracts and other contract awards were contested; and (c) that, as a result of the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company, its earnings and prospects.
On July 21, 2009, Lockheed Martin announced its financial results for the second quarter of 2009. Among other things, the Company reported disappointing results in its IS&GS division. Following the issuance of the press release, Lockheed Martin held a conference call to discuss the reported earnings and the Company's operations. During the conference call, Defendants described the problems facing the IS&GS division and admitted that the Company was not performing according to expectations in that important division.
In response to information that the IS&GS division was not performing according to expectations and had not generated anticipated fee awards, the price of Lockheed Martin common stock declined from $82.11 per share to $75.13 per share on extremely heavy trading volume. Analysts were quick to note that the Company had recently promised increasing growth in the IS&GS division and expressed surprise at the sudden negative news.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.