NEW YORK, NY / ACCESSWIRE / May 24, 2016 / Bronstein, Gewirtz & Grossman, LLC reminds 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 Eitan Kimelman, Investor Relations Coordinator of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. 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 Eitan Kimelman
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC