{"id":457108,"date":"2021-03-12T21:54:12","date_gmt":"2021-03-13T02:54:12","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=457108"},"modified":"2021-03-12T21:54:12","modified_gmt":"2021-03-13T02:54:12","slug":"ldos-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-filed-against-leidos-holdings-inc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ldos-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-filed-against-leidos-holdings-inc\/","title":{"rendered":"LDOS Class Action Alert: Kessler Topaz Meltzer &amp; Check, LLP Announces A Securities Fraud Class Action Filed Against Leidos Holdings, Inc."},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">RADNOR, Pa.<\/span>, <span class=\"xn-chron\">March 12, 2021<\/span> \/PRNewswire\/ &#8212; The law firm of Kessler Topaz Meltzer &amp; Check, LLP announces that a securities fraud class action lawsuit has been filed in <span class=\"xn-location\">the United States<\/span> District Court for the Southern District of <span class=\"xn-location\">New York<\/span> against Leidos Holdings, Inc. (NYSE:\u00a0LDOS) (&#8220;Leidos&#8221;) on behalf of those who purchased or acquired Leidos securities <b><i>between <span class=\"xn-chron\">May 4, 2020<\/span> and <span class=\"xn-chron\">February 23, 2021<\/span><\/i><\/b>, inclusive (the &#8220;Class Period&#8221;).<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/277422\/ktmc_Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/277422\/ktmc_Logo.jpg\" title=\"KTMC (PRNewsFoto\/Kessler Topaz Meltzer &amp; Check)\" alt=\"KTMC (PRNewsFoto\/Kessler Topaz Meltzer &amp; Check)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\n        <b><br \/>\n          <i>Investor Deadline Reminder: Investors who purchased or acquired Leidos securities<\/i><br \/>\n        <\/b><br \/>\n        <b><br \/>\n          <i>during the Class Period may, <u>no later than <span class=\"xn-chron\">May 5, 2021<\/span><\/u>, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer &amp; Check, LLP:\u00a0James Maro, Esq. (484) 270-1453 or <span class=\"xn-person\">Adrienne Bell, Esq.<\/span> (484) 270-1435; toll free at (844) 887-9500; via e-mail at<\/i><br \/>\n        <\/b><br \/>\n        <a target=\"_blank\" href=\"mailto:info@ktmc.com\" rel=\"nofollow noopener noreferrer\">info@ktmc.com<\/a>; <b>or<\/b><b><i>click <\/i><\/b><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3096051-1&amp;h=726679065&amp;u=https%3A%2F%2Fwww.ktmc.com%2Fleidos-holdings-class-action-lawsuit%3Futm_source%3DPR%26utm_medium%3Dlink%26utm_campaign%3Dleidos&amp;a=https%3A%2F%2Fwww.ktmc.com%2Fleidos-holdings-class-action-lawsuit%3Futm_source%3DPR%26utm_medium%3Dlink%26utm_campaign%3Dleidos\" rel=\"nofollow noopener noreferrer\">https:\/\/www.ktmc.com\/leidos-holdings-class-action-lawsuit?utm_source=PR&amp;utm_medium=link&amp;utm_campaign=leidos<\/a>\u00a0<\/p>\n<p>Leidos is a science, engineering, and information technology company that provides services and solutions in the defense, intelligence, homeland security, civil and health markets, both domestically and internationally. The Class Period commences on <span class=\"xn-chron\">May 4, 2020<\/span>, when Leidos announced that it had completed the acquisition of L3Harris Technologies&#8217; Security Detection and Automation businesses (&#8220;SD&amp;A Businesses&#8221;). <\/p>\n<p>According to the complaint, on <span class=\"xn-chron\">February 16, 2021<\/span>, Spruce Point Capital Management LLC (&#8220;Spruce Point&#8221;) published a research report, alleging, among other things that &#8220;Leidos is potentially covering up at least <span class=\"xn-money\">$100m<\/span> of fictitious sales, mischaracterizing <span class=\"xn-money\">$355<\/span> &#8211; <span class=\"xn-money\">$367m<\/span> of international revenue.&#8221; The report also alleged that Leidos was &#8220;concealing numerous product defects from investors, notably faulty explosive detection systems at airports and borders.&#8221; Following this news, Leidos&#8217;s share price fell <span class=\"xn-money\">$2.58<\/span>, or 2.4%, to close at <span class=\"xn-money\">$105.22<\/span> per share on <span class=\"xn-chron\">February 16, 2021<\/span>. <\/p>\n<p>Then, on <span class=\"xn-chron\">February 23, 2021<\/span>, Leidos announced its fourth quarter and full year 2020 financial results in a press release. Therein, Leidos reported <span class=\"xn-money\">$89 million<\/span> in revenue related to the SD&amp;A Businesses for the fourth quarter, meaning that after two full quarters, the acquisition generated only <span class=\"xn-money\">$163 million<\/span> in sales (or <span class=\"xn-money\">$326 million<\/span> annualized), falling well short of projected <span class=\"xn-money\">$500 million<\/span> sales. Leidos expected cash flow of <span class=\"xn-money\">$850 million<\/span>, well below analyst estimates of <span class=\"xn-money\">$1.083 billion<\/span>. Following this news, Leidos&#8217;s stock price fell <span class=\"xn-money\">$10.29<\/span>, or 9.91%, to close at <span class=\"xn-money\">$93.51<\/span> per share on <span class=\"xn-chron\">February 23, 2021<\/span>. <\/p>\n<p>Finally, on <span class=\"xn-chron\">February 24, 2021<\/span>, Spruce Point highlighted that Leidos had &#8220;materially expanded&#8221; the risk disclosures in its annual report for the year ended <span class=\"xn-chron\">December 31, 2020<\/span>, which had been filed after the market closed on <span class=\"xn-chron\">February 23, 2021<\/span>. Spruce Point tweeted: &#8220;We believe it is validating all the major points of our report.&#8221;\u00a0Spruce Point noted that Leidos expanded its risk disclosures regarding insurance coverage, as &#8220;Liedos is shipping defective products back from various countries [that] may not have the same protections as in the U.S.&#8221; Following this news, Leidos&#8217;s stock price fell <span class=\"xn-money\">$3.13<\/span>, or 3.3%, to close at <span class=\"xn-money\">$90.38<\/span> per share on <span class=\"xn-chron\">February 24, 2021<\/span>. <\/p>\n<p>The complaint alleges that, throughout the Class Period, the defendants failed to disclose to investors that: (1) the purported benefits of Leidos&#8217;s acquisition of L3Harris Technologies&#8217; SD&amp;A Businesses were significantly overstated; (2) Leidos&#8217;s products suffered from numerous product defects, including faulty explosive detection systems at airports, ports, and borders; (3) as a result of the foregoing, Leidos&#8217;s financial results were significantly overstated; and (4) as a result of the foregoing, the defendants&#8217; positive statements about Leidos&#8217;s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.<\/p>\n<p>Leidos<b>\u00a0<\/b>investors may, <b><i><u>no later than <span class=\"xn-chron\">May 5, 2021<\/span><\/u><\/i><\/b>, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer &amp; Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.\u00a0In order to be appointed as a lead plaintiff, the Court must determine that the class member&#8217;s claim is typical of the claims of other class members, and that the class member will adequately represent the class.\u00a0Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.<\/p>\n<p>Kessler Topaz Meltzer &amp; Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer &amp; Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from <span class=\"xn-location\">the United States<\/span> and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars).\u00a0The complaint in this action was not filed by Kessler Topaz Meltzer &amp; Check, LLP. For more information about Kessler Topaz Meltzer &amp; Check, LLP please visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3096051-1&amp;h=2665332779&amp;u=http%3A%2F%2Fwww.ktmc.com%2F&amp;a=www.ktmc.com\" rel=\"nofollow noopener noreferrer\">www.ktmc.com<\/a>.<\/p>\n<p>CONTACT:<\/p>\n<p>Kessler Topaz Meltzer &amp; Check, LLP<br \/><span class=\"xn-person\">James Maro, Jr., Esq.<\/span><br \/><span class=\"xn-person\">Adrienne Bell, Esq.<\/span><br \/>280 King of Prussia Road<br \/><span class=\"xn-location\">Radnor, PA<\/span> 19087<br \/>(844) 887-9500 (toll free)<br \/><a target=\"_blank\" href=\"mailto:info@ktmc.com\" rel=\"nofollow noopener noreferrer\">info@ktmc.com<\/a><\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=DC08738&amp;sd=2021-03-12\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/ldos-class-action-alert-kessler-topaz-meltzer--check-llp-announces-a-securities-fraud-class-action-filed-against-leidos-holdings-inc-301246731.html\">http:\/\/www.prnewswire.com\/news-releases\/ldos-class-action-alert-kessler-topaz-meltzer&#8211;check-llp-announces-a-securities-fraud-class-action-filed-against-leidos-holdings-inc-301246731.html<\/a><\/p>\n<p>SOURCE  Kessler Topaz Meltzer &amp; Check, LLP<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=DC08738&amp;Transmission_Id=202103122151PR_NEWS_USPR_____DC08738&amp;DateId=20210312\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire RADNOR, Pa., March 12, 2021 \/PRNewswire\/ &#8212; The law firm of Kessler Topaz Meltzer &amp; Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of New York against Leidos Holdings, Inc. (NYSE:\u00a0LDOS) (&#8220;Leidos&#8221;) on behalf of those who purchased or acquired Leidos securities between May 4, 2020 and February 23, 2021, inclusive (the &#8220;Class Period&#8221;). Investor Deadline Reminder: Investors who purchased or acquired Leidos securities during the Class Period may, no later than May 5, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ldos-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-filed-against-leidos-holdings-inc\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;LDOS Class Action Alert: Kessler Topaz Meltzer &amp; Check, LLP Announces A Securities Fraud Class Action Filed 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-457108","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>LDOS Class Action Alert: Kessler Topaz Meltzer &amp; Check, LLP Announces A Securities Fraud Class Action Filed 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-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-filed-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 Alert: Kessler Topaz Meltzer &amp; Check, LLP Announces A Securities Fraud Class Action Filed Against Leidos Holdings, Inc. - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire RADNOR, Pa., March 12, 2021 \/PRNewswire\/ &#8212; The law firm of Kessler Topaz Meltzer &amp; Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of New York against Leidos Holdings, Inc. (NYSE:\u00a0LDOS) (&#8220;Leidos&#8221;) on behalf of those who purchased or acquired Leidos securities between May 4, 2020 and February 23, 2021, inclusive (the &#8220;Class Period&#8221;). Investor Deadline Reminder: Investors who purchased or acquired Leidos securities during the Class Period may, no later than May 5, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz &hellip; Continue reading &quot;LDOS Class Action Alert: Kessler Topaz Meltzer &amp; Check, LLP Announces A Securities Fraud Class Action Filed Against Leidos Holdings, Inc.&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/ldos-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-filed-against-leidos-holdings-inc\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-13T02:54:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/277422\/ktmc_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ldos-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-filed-against-leidos-holdings-inc\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ldos-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-filed-against-leidos-holdings-inc\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"LDOS Class Action Alert: Kessler Topaz Meltzer &amp; 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Check, LLP Announces A Securities Fraud Class Action Filed Against Leidos Holdings, Inc. - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/ldos-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-filed-against-leidos-holdings-inc\/","og_locale":"en_US","og_type":"article","og_title":"LDOS Class Action Alert: Kessler Topaz Meltzer &amp; Check, LLP Announces A Securities Fraud Class Action Filed Against Leidos Holdings, Inc. - Market Newsdesk","og_description":"PR Newswire RADNOR, Pa., March 12, 2021 \/PRNewswire\/ &#8212; The law firm of Kessler Topaz Meltzer &amp; Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of New York against Leidos Holdings, Inc. (NYSE:\u00a0LDOS) (&#8220;Leidos&#8221;) on behalf of those who purchased or acquired Leidos securities between May 4, 2020 and February 23, 2021, inclusive (the &#8220;Class Period&#8221;). Investor Deadline Reminder: Investors who purchased or acquired Leidos securities during the Class Period may, no later than May 5, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz &hellip; Continue reading \"LDOS Class Action Alert: Kessler Topaz Meltzer &amp; Check, LLP Announces A Securities Fraud Class Action Filed Against Leidos Holdings, Inc.\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/ldos-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-filed-against-leidos-holdings-inc\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-13T02:54:12+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/277422\/ktmc_Logo.jpg","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-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-filed-against-leidos-holdings-inc\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ldos-class-action-alert-kessler-topaz-meltzer-check-llp-announces-a-securities-fraud-class-action-filed-against-leidos-holdings-inc\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"LDOS Class Action Alert: Kessler Topaz Meltzer &amp; 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