Tuesday, August 16, 2016

Faruqi & Faruqi Alert: Orbital ATK Inc.


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The investigation focuses on whether the Company’s Board of Directors and/or its officers committed mismanagement and breached their fiduciary duties by failing to maintain an effective system of internal controls. On August 10, 2016, the Company filed a current report on Form 8-K with the SEC announcing that on August 8, 2016, the Audit Committee of the Board of Directors of Orbital concluded that the Company’s previously issued financial statements for the fiscal year ended March 31, 2015, the nine-month transition period ended December 31, 2015, the quarters in fiscal 2015 and the 2015 transition period, and the quarter ended April 3, 2016, and related reports of independent registered public accounting firms thereon, should no longer be relied upon.

Additionally, the Company stated that it is “still evaluating whether financial statements for annual and quarterly periods prior to fiscal 2015 can continue to be relied upon.”  The Company stated that the misstatements relate primarily to its $2.3 billion long-term contract with the U.S. Army to manufacture and supply small caliber ammunition at the U.S. Army’s Lake City Army Ammunition Plant.  As a result of the foregoing, on August 10, 2016, Orbital filed a Form NT 10-Q with the SEC stating that it is unable to file its Quarterly Report on Form 10-Q for the period ended July 3, 2016 within the prescribed time period.

Take Action
If you currently own Orbital stock and would like to discuss your legal rights, please contact us by calling Stuart Guber toll free at (215) 277-5770 or by sending an e-mail to sguber@faruqilaw.comFaruqi & Faruqi, LLP also encourages anyone with information regarding Orbital’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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