LOS ANGELES, Sept. 02, 2018 (GLOBE NEWSWIRE) -- National securities litigation law firm Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased Mercury Systems, Inc. (“Mercury” or the “Company”) (NASDAQ: MRCY) between October 24, 2017 and April 24, 2018, inclusive (the “Class Period”). Mercury investors have until September 10, 2018 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
Investors that suffered losses on their Mercury investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to shareholders@glancylaw.com.
On April 24, 2018, Mercury announced its financial and operating results for the quarter ending March 31, 2018. In a conference call discussing Mercury’s quarterly results, the Company’s Chief Financial Officer stated that Mercury had been aware for the “last couple quarters” of certain customer trends in managing cash in their accounts payable, and of Mercury’s need to reduce accounts payable related to its inventory build, both of which directly impacted Mercury’s cash flow for the quarter ended March 31, 2018. On this news, Mercury’s share price fell $8.02, or 18.68%, to close at $34.91 on April 25, 2018, thereby injuring investors.
The complaint filed in this class action alleges that, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) Mercury’s decision to in-source processing was adversely impacting Mercury’s operating margins and free cash-flow generation and conversion; (2) Mercury’s model was becoming structurally more working capital intensive; and (3) as a result of the foregoing, Mercury’s public statements were materially false and misleading at all relevant times.
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If you purchased shares of Mercury during the Class Period you may move the Court no later than September 10, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Contacts
Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
www.glancylaw.com
shareholders@glancylaw.com