{"id":451517,"date":"2021-03-04T19:28:15","date_gmt":"2021-03-05T00:28:15","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=451517"},"modified":"2021-03-04T19:28:15","modified_gmt":"2021-03-05T00:28:15","slug":"ldos-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-leidos-holdings-inc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ldos-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-leidos-holdings-inc\/","title":{"rendered":"LDOS CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Leidos Holdings, Inc."},"content":{"rendered":"<p>        <!--body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>LDOS CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Leidos Holdings, Inc.<\/b><\/p>\n<p>LOS ANGELES&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.glancylaw.com%2F&amp;esheet=52391319&amp;newsitemid=20210304006175&amp;lan=en-US&amp;anchor=Glancy+Prongay+%26amp%3B+Murray+LLP&amp;index=1&amp;md5=e19ccde7d4ec6ed1bfee650249304994\">Glancy Prongay &amp; Murray LLP<\/a> (\u201cGPM\u201d), announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York captioned <i>Morton v. Leidos Holdings, Inc., et al.,<\/i> (Case No. 1:21-cv-01911) on behalf of persons and entities that purchased or otherwise acquired Leidos Holdings, Inc. (\u201cLeidos\u201d or the \u201cCompany\u201d) (NYSE: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ffinance.yahoo.com%2Fquote%2FLDOS&amp;esheet=52391319&amp;newsitemid=20210304006175&amp;lan=en-US&amp;anchor=LDOS&amp;index=2&amp;md5=ac2e2f7b3517ceedfac89ff62d03c747\">LDOS<\/a>) securities between <b>May 4, 2020 and February 23, 2021<\/b>, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d).\n<\/p>\n<p>\nInvestors are hereby notified that they have until <b>60 days from this notice<\/b> to move the Court to serve as lead plaintiff in this action.\n<\/p>\n<p>\nIf you suffered a loss on your Leidos investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.glancylaw.com%2Fcases%2Fleidos-holdings-inc%2F&amp;esheet=52391319&amp;newsitemid=20210304006175&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.glancylaw.com%2Fcases%2Fleidos-holdings-inc%2F&amp;index=3&amp;md5=bd0cc27982132efc88c9c8b6dba55bb2\">https:\/\/www.glancylaw.com\/cases\/leidos-holdings-inc\/<\/a>. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at <a rel=\"nofollow\" href=\"mailto:shareholders@glancylaw.com\">shareholders@glancylaw.com<\/a> or visit our website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.glancylaw.com&amp;esheet=52391319&amp;newsitemid=20210304006175&amp;lan=en-US&amp;anchor=www.glancylaw.com&amp;index=4&amp;md5=ad9abb01f128cf928c1047ef6c8aa20b\">www.glancylaw.com<\/a> to learn more about your rights.\n<\/p>\n<p>\nOn February 16, 2021, Spruce Point Capital Management LLC (\u201cSpruce Point\u201d) published a research report, alleging, among other things that \u201cLeidos is potentially covering up at least $100m of fictitious sales, mischaracterizing $355 &#8211; $367m of international revenue.\u201d The report also alleged that the Company was \u201cconcealing numerous product defects from investors, notably faulty explosive detection systems at airports and borders.\u201d\n<\/p>\n<p>\nOn this news, the Company\u2019s share price fell $2.58, or 2.4%, to close at $105.22 per share on February 16, 2021, on unusually heavy trading volume.\n<\/p>\n<p>\nOn February 23, 2021, Leidos announced its fourth quarter and full year 2020 financial results in a press release. Therein, the Company reported $89 million revenue related to the SD&amp;A businesses for the fourth quarter, meaning that after two full quarters, the acquisition generated only $163 million in sales (or $326 million annualized), falling well short of projected $500 million sales. The Company expected cash flow of $850 million, well below analyst estimates of $1.083 billion.\n<\/p>\n<p>\nOn this news, the Company\u2019s stock price fell $10.29, or 9.91%, to close at $93.51 per share on February 23, 2021.\n<\/p>\n<p>\nOn February 24, 2021, Spruce Point highlighted that Leidos had \u201cmaterially expanded\u201d the risk disclosures in its annual report for the year ended December 31, 2020. Spruce Point tweeted: \u201cWe believe it is validating all the major points of our report.\u201d\n<\/p>\n<p>\nOn this news, the Company\u2019s stock price fell $3.13, or 3.3%, to close at $90.38 per share on February 24, 2021, on unusually heavy trading volume.\n<\/p>\n<p>\nThe complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company\u2019s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the purported benefits of the Company\u2019s acquisition of L3Harris\u2019 Security Detection &amp; Automation businesses were significantly overstated; (2) that Leidos\u2019 products suffered from numerous product defects, including faulty explosive detection systems at airports, ports, and borders;<b \/>(3) that, as a result of the foregoing, the Company\u2019s financial results were significantly overstated; and (4) that, as a result of the foregoing, Defendants\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.\n<\/p>\n<p>\nFollow us for updates on <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fglancy-prongay-murray-llp&amp;esheet=52391319&amp;newsitemid=20210304006175&amp;lan=en-US&amp;anchor=LinkedIn&amp;index=5&amp;md5=bedc27ee8af0d3abd589eefd2ed1fc45\">LinkedIn<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2FGPM_llp&amp;esheet=52391319&amp;newsitemid=20210304006175&amp;lan=en-US&amp;anchor=Twitter&amp;index=6&amp;md5=749e658e87ed544697e072d37a4d7654\">Twitter<\/a>, or <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.facebook.com%2FGlancyLawFirm%2F&amp;esheet=52391319&amp;newsitemid=20210304006175&amp;lan=en-US&amp;anchor=Facebook&amp;index=7&amp;md5=b3cf1f63e39da71a4b66ee9aaa1fd91d\">Facebook<\/a>.\n<\/p>\n<p>\nIf you purchased or otherwise acquired the Leidos securities during the Class Period, you may move the Court no later than <b>60 days from this notice <\/b>to<b \/>ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to <a rel=\"nofollow\" href=\"mailto:shareholders@glancylaw.com\">shareholders@glancylaw.com<\/a>, or visit our website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.glancylaw.com%2F&amp;esheet=52391319&amp;newsitemid=20210304006175&amp;lan=en-US&amp;anchor=www.glancylaw.com&amp;index=8&amp;md5=7792b571eced768578ccf0ea13d2f3fe\">www.glancylaw.com<\/a>. If you inquire by email please include your mailing address, telephone number and number of shares purchased.\n<\/p>\n<p>\nThis press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210304006175r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210304006175\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210304006175\/en\/<\/a><\/span><\/p>\n<p>\nGlancy Prongay &amp; Murray LLP, Los Angeles<br \/>\n<br \/>Charles H. Linehan, 310-201-9150 or 888-773-9224<br \/>\n<br \/>1925 Century Park East, Suite 2100<br \/>\n<br \/>Los Angeles, CA 90067<br \/>\n<br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.glancylaw.com&amp;esheet=52391319&amp;newsitemid=20210304006175&amp;lan=en-US&amp;anchor=www.glancylaw.com&amp;index=9&amp;md5=501062b57e4483d973d5860fd56789fa\">www.glancylaw.com<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"mailto:shareholders@glancylaw.com\">shareholders@glancylaw.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> California United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Legal Professional Services<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210304006175\/en\/478343\/3\/GPM_Logo_Colo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>LDOS CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Leidos Holdings, Inc. LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;Glancy Prongay &amp; Murray LLP (\u201cGPM\u201d), announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York captioned Morton v. Leidos Holdings, Inc., et al., (Case No. 1:21-cv-01911) on behalf of persons and entities that purchased or otherwise acquired Leidos Holdings, Inc. (\u201cLeidos\u201d or the \u201cCompany\u201d) (NYSE: LDOS) securities between May 4, 2020 and February 23, 2021, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). Investors are hereby notified that they have until 60 days from &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ldos-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-leidos-holdings-inc\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;LDOS CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Leidos Holdings, Inc.&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-451517","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>LDOS CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Leidos Holdings, Inc. - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ldos-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-leidos-holdings-inc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LDOS CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Leidos Holdings, Inc. - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"LDOS CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Leidos Holdings, Inc. LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;Glancy Prongay &amp; Murray LLP (\u201cGPM\u201d), announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York captioned Morton v. Leidos Holdings, Inc., et al., (Case No. 1:21-cv-01911) on behalf of persons and entities that purchased or otherwise acquired Leidos Holdings, Inc. (\u201cLeidos\u201d or the \u201cCompany\u201d) (NYSE: LDOS) securities between May 4, 2020 and February 23, 2021, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). 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LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;Glancy Prongay &amp; Murray LLP (\u201cGPM\u201d), announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York captioned Morton v. Leidos Holdings, Inc., et al., (Case No. 1:21-cv-01911) on behalf of persons and entities that purchased or otherwise acquired Leidos Holdings, Inc. (\u201cLeidos\u201d or the \u201cCompany\u201d) (NYSE: LDOS) securities between May 4, 2020 and February 23, 2021, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). Investors are hereby notified that they have until 60 days from &hellip; Continue reading \"LDOS CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Leidos Holdings, Inc.\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/ldos-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-leidos-holdings-inc\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-05T00:28:15+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210304006175r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ldos-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-leidos-holdings-inc\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ldos-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-leidos-holdings-inc\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"LDOS CLASS ACTION NOTICE: Glancy Prongay &amp; 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