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.
Leidos Holdings, Inc.
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