LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Leidos Holdings, Inc. (“Leidos” or “the Company”) (NYSE: LDOS) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Leidos is the subject of a research report by Spruce Point Capital Management published on February 16, 2021. According to the report, “Leidos’ $1.0 billion levered acquisition of L3Harris’ Security Detection and Automation business (SD&A) is experiencing significant problems, including product defects, that increase the likelihood of a material adverse effect.” The report also alleged that the company misstated its financials, citing a $6 million variance between the Company’s third quarter 2020 investor presentation and a Form 10-Q which it claims “raises the possibility that Leidos has booked fake revenue, or is keeping two sets of books.”
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