RADNOR, Pa., Feb. 11, 2024 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts against Mercury Systems, Inc. (“Mercury”) (NASDAQ: MRCY). The action charges Mercury with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Mercury’s materially misleading statements and omissions to the public, Mercury’s investors have suffered significant losses.
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LEAD PLAINTIFF DEADLINE: FEBRUARY 12, 2024
CLASS PERIOD: DECEMBER 7, 2020 THROUGH JUNE 23, 2023
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field as well as the firm itself which is continuously awarded for the successful results we’ve achieved. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
In addition to representing investors in cases where the fraud has been revealed, Kessler Topaz also represents whistleblowers – persons who expose wrongdoing to those in positions of authority or to the public- in cases brought under federal and state qui tam statutes, and through financial fraud whistleblower programs, such as those run by the SEC, CFTC and IRS. If you have information about fraud against government programs (such as Medicare), or violations of federal securities, commodities, tax or anti-foreign bribery laws, contact Kessler Topaz at (866) 369-7779 or at [email protected] or go to https://www.ktmc-whistleblower.com.
DEFENDANTS’ ALLEGED MISCONDUCT
The Class Period begins on December 7, 2020, when Mercury announced that it had signed a definitive agreement to acquire Physical Optics Corporation (“POC”), in an all-cash transaction. Prior to and during the Class Period, Mercury acquired numerous other companies and used multiple improper revenue recognition practices to mask its inability to grow organically.
The truth began to emerge on July 26, 2022, when market analyst Glasshouse Research published a report detailing how Mercury was manipulating its revenue numbers. On this news, the price of Mercury shares declined by $4.87 per share, or approximately 7.8%, from $62.13 per share to close at $57.26 on July 26, 2022. Over the next several quarters, however, Mercury continued to conceal the full truth by continuing to hide troubled projects and providing an untrue picture of its financial condition.
The truth finally began to be revealed, however, on May 2, 2023, when Mercury announced weak third quarter 2023 earnings and lower margins, causing the company to cut its full year 2023 guidance. On this news, the price of Mercury shares declined by $7.84 per share, or approximately 17.3%, from $45.28 per share to close at $37.44 on May 3, 2023.
Then, on June 23, 2023, Mercury announced that its CEO had abruptly resigned and that the company’s recent strategic review of acquisition alternatives had been unsuccessful. On this news, the price of Mercury shares declined by $3.37 per share, or approximately 9.6%, from $34.87 per share to close at $31.50 on June 26, 2023.
WHAT CAN I DO?
Mercury investors may, no later than February 12, 2024, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Mercury investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Mercury Systems, North Collier Fire Control and Rescue District Firefighters’ Pension Plan v. Mercury Systems, Inc., et al., Case No. 23-cv-13065, is filed in the United States District Court for the District of Massachusetts.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.