SAN DIEGO–(BUSINESS WIRE)–The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Mercury Systems, Inc. (NASDAQ: MRCY) common stock between December 7, 2020 and June 23, 2023, inclusive (the “Class Period”), have until February 12, 2024 to seek appointment as lead plaintiff of the Mercury Systems class action lawsuit. Captioned North Collier Fire Control and Rescue District Firefighters’ Pension Plan v. Mercury Systems, Inc., No. 23-cv-13065 (D. Mass.), the Mercury Systems class action lawsuit charges Mercury Systems and certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Mercury Systems class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Mercury Systems is a technology company that produces component modules and subsystems for the aerospace and defense industries. In December 2020, Mercury Systems acquired Physical Optics Corporation (“POC”).
The Mercury Systems class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statement and/or failed to disclose that: (i) Mercury Systems’ serial acquirer strategy was not working and Mercury Systems was using improper revenue recognition practices such as changing to long-term contracts to mask deteriorating organic growth; (ii) Mercury Systems’ acquisition of POC caused POC to lose its small business accreditation, which prevented POC from winning contracts that made up a large portion of its historical business; (iii) Mercury Systems had at least twenty programs that were suffering and not performing well; and (iv) Mercury Systems’ initiative to increase margins was not working and was in fact cutting into margins.
The Mercury Systems class action lawsuit further alleges that on July 26, 2022, Glasshouse Research initiated coverage of Mercury Systems with a strong sell report entitled “Roll-Up Mercury Systems Set to Unravel.” The Mercury Systems class action lawsuit alleges that on this news, the price of Mercury Systems common stock fell nearly 8%.
Then, as the Mercury Systems class action lawsuit further alleges, on May 2, 2023, Mercury Systems reported its third quarter of 2023 financial results which revealed that Mercury Systems forecast revenue to be in the range of $990.0 million to $1.01 billion (down from $1.01 billion to $1.05 billion), GAAP net loss of $19.0 million to $11.1 million (down from GAAP net income of $13.9 million to $24.8 million), adjusted EBITDA in a range of $160.0 million to $170.0 million (down from $202.5 million to $215.0 million), and adjusted EPS in a range of $1.36 to $1.50 per share (down from $1.90 to $2.08 per share). On this news, the price of Mercury Systems common stock fell more than 17%, the complaint alleges.
Thereafter, on June 23, 2023, Mercury Systems announced a series of changes to leadership and its Board of Directors, including changes to the positions of President and CEO, the appointment of a new independent director, and the identification of a second new independent director and a permanent CFO, the complaint further alleges. The Mercury Systems class action lawsuit alleges that on this news, the price of Mercury Systems common stock fell nearly 10%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Mercury Systems common stock during the Class Period to seek appointment as lead plaintiff of the Mercury Systems class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Mercury Systems class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Mercury Systems class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Mercury Systems class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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