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.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
