SAN FRANCISCO, April 22, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds Fly Leasing Limited (NYSE:FLY) investors of the May 24, 2016 lead plaintiff deadline in the securities class action lawsuit triggered by the Company’s improper accounting for business combinations and the related SEC inquiry.
If you suffered significant losses because of your purchases of FLY between May 8, 2014 and March 7, 2016 or have information that will help our investigation contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing FLY@hbsslaw.com or visiting https://www.hbsslaw.com/cases/FLY. The lawsuit was filed in the U.S. District Court for the Southern District of New York and investors have until May 24, 2016 to move the court to participate as a lead plaintiff.
On March 8, 2016, FLY disclosed it and the SEC were “currently 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.”
The Company stated “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[.]” Moreover, the Company stated “as a result of the ongoing discussions with the Staff, FLY may not be able to timely file its Annual Report on Form 20-F for the year ended December 31, 2015.” As a result of this news, the price of FLY stock fell $1.12, or 8.2%, to close at $12.47 per share on March 8, 2016.
The class action complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (a) during fiscal years 2014 and 2015, FLY improperly accounted for intangible assets and liabilities for aircraft acquired with in-place leases; and (b) as a result of this misconduct, FLY’s public statements were materially false and misleading at all relevant times.
“It’s very serious when any company – here, FLY – comes to the attention of the SEC over potential improper accounting,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Amaya, Inc. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email FLY@hbsslaw.com.
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