Orbital Sciences Officials Overstated Earnings and Profited From Insider Trading Alleges Class Action Filed by Mehri, Malkin & Ross, PLLC on Behalf of Defrauded Shareholders.WASHINGTON--(BUSINESS WIRE)--March 2, 1999--Pursuant to 15 U.S.C. 78u-4(a)(3)(A)(I), Mehri, Malkin & Ross PLLC PLLC Professional Limited Liability Company PLLC Polk Life and Learning Center (Bartow, FL) PLLC Partners of Limited Liability Corporation hereby gives notice that on February 23, 1999, a class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax was filed in the United States District Court for the Eastern District of Virginia The United States District Court for the Eastern District of Virginia is one of two United States district courts serving the Commonwealth of Virginia. History During the 1960s, Judge Albert V. Bryan Jr. on behalf of purchasers of the common stock of Orbital Sciences Corp. ("Orbital" or the "Company"), from April 21, 1998 through February 16, 1999, inclusive (the "Class Period"). The complaint charges Orbital, and certain of its officers and directors, with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as well as SEC Rule 10b-5 promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. thereunder. Specifically, the complaint alleges that, during the Class Period, Orbital issued materially false and misleading financial statements for its first three quarters of fiscal 1998, that artificially inflated the Company's financial results through the improper recognition of revenue in violation of generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . The Complaint further alleges that defendants utilized their inside information regarding the artificial inflation of the Company's stock price to sell significant amounts of their own personal Orbital holdings, with one member of upper management selling over 99% of his personal Orbital holdings. Proceeds from insider sales exceeded $3 million during the class period. Plaintiff is represented by the law firm of Mehri, Malkin & Ross PLLC and the law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:[1]
If you are a member of the Class described above, you may, not later than April 19, 1999, move the Court to serve as lead plaintiff for the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish detailed information about the firm or have any questions concerning your rights or interests in this case, please contact Michael Kanovitz, an attorney with Mehri, Malkin & Ross, PLLC at 888/576-5503 (toll free) or 202/822-5100, or by e-mail: mkanovitz@findjustice.com. |
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