SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in FLY Leasing Limited of Class A...
21 May 2016 - 6:53AM
Pomerantz LLP announces that a class action lawsuit has been filed
against FLY Leasing Limited (“FLY” or the “Company”) (NYSE:FLY) and
certain of its officers. The class action, filed in
United States District Court, Southern District of New York, and
docketed under 16-cv-02220, is on behalf of a class consisting of
all persons or entities who purchased FLY securities 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”).
If you are a shareholder who purchased FLY
securities during the Class Period, you have until May 24, 2016 to
ask the Court to appoint you as Lead Plaintiff for the class.
A copy of the Complaint can be obtained at www.pomerantzlaw.com.
To discuss this action, contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased.
FLY, together with its subsidiaries, engages in
purchasing and leasing commercial aircraft under multi-year
contracts to various airlines worldwide. As of December 31, 2014,
the Company’s aircraft portfolio consisted of 127 commercial jet
aircraft, including 116 narrow-body passenger aircraft and 11
wide-body passenger aircraft.
The Complaint alleges that throughout the Class
Period, defendants made materially false and misleading statements
regarding the Company’s business, operational and compliance
policies. Specifically, defendants made false and/or misleading
statements and/or failed to disclose that: (i) during fiscal years
2014 and 2015, FLY had engaged in improper accounting with respect
to intangible assets and liabilities for aircraft acquired with
in-place leases; and (ii) as a result of the foregoing, FLY’s
public statements were materially false and misleading at all
relevant times.
On March 8, 2016, FLY disclosed that the Company
and the Securities and Exchange Commission (“SEC”) were discussing
FLY’s accounting policy for business combinations, including FLY’s
accounting policy for intangible assets and liabilities for
aircraft acquired with in-place leases. FLY stated 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 that, “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.”
On this news, FLY stock fell $1.12 per share, or
8.2%, to close at $12.47 on March 8, 2016.
The Pomerantz Firm, with offices in New York,
Chicago, Florida, and Los Angeles, is acknowledged as one of the
premier firms in the areas of corporate, securities, and antitrust
class litigation. Founded by the late Abraham L. Pomerantz, known
as the dean of the class action bar, the Pomerantz Firm pioneered
the field of securities class actions. Today, more than 80 years
later, the Pomerantz Firm continues in the tradition he
established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The
Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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