BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith announces an investigation on behalf of Leidos Holdings, Inc. (“Leidos” or the “Company”) (NYSE: LDOS) investors concerning the Company’s possible violations of federal securities laws.
On February 16, 2021, Spruce Point Capital Management published a report alleging, among other things, that “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 revenue, citing for example, a $6 million variance between the third quarter 2020 investor presentation and Form 10-Q, which “raises the possibility that Leidos has booked fake revenue, or is keeping two sets of books.”
On this news, Leido’s stock price fell $3.41 per share, or 3.14%, to close at $105.22 per share on February 16, 2021, thereby injuring investors.
If you purchased Leidos securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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