| COMPANY |
Leidos Holdings, Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
21-cv-01911 |
| JUDGE |
The Honorable Mary Kay Vyskocil |
| CLASS PERIOD |
May 4, 2020 - February 23, 2021 |
| SECURITY TYPE |
All Securities |
Case Background:
On March 4, 2021 the initial complaint in this securities class action was filed against Leidos Holdings, Inc. (“Leidos” or the “Company”) and certain of Leidos’ directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action on behalf of all persons who purchased or otherwise acquired Leidos securities between May 4, 2020 through February 23, 2021, both dates inclusive (the “Class Period”).
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and. prospects. Specifically, the complaint alleges that Defendants failed to disclose to investors that: (1) the purported benefits of the Company’s acquisition of L3Harris’ Security Detection & Automation businesses were significantly overstated; (2) Leidos’ products suffered from numerous product defects, including faulty explosive detection systems at airports, ports, and borders; (3) as a result of the foregoing, the Company’s financial results were significantly overstated; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Current Status of Case:
On July 30, 2021, the Court appointed Lead Plaintiffs and Lead Counsel. On September 29, 2021, Lead Plaintiffs filed a notice with Court that they were dismissing the case. This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.