Portnoy Law: Lawsuit Filed On Behalf of Leidos Holdings, Inc. Investors

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Mar 09, 2021
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LOS ANGELES, March 09, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Leidos Holdings, Inc. ("Leidos" or "the Company") (: LDOS) investors that acquired securities between May 4, 2020 and February 23, 2021.

Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.

On February 16, 2021, it was reported by Spruce Point Capital Management 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.” This report continued to allege that Leidos misstated its revenue, citing, for example, a $6 million variance between the third quarter 2020 investor presentation and a Form 10-Q, which “raises the possibility that Leidos has booked fake revenue, or is keeping two sets of books.” On February 16, 2021, Leidos stock dropped $3.41 per share, or roughly 3%, to close at $105.22 on following this news.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
[email protected]
310-692-8883
www.portnoylaw.com

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