NEW YORK, Dec. 30, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of purchasers or acquirers of the common stock of Mercury Systems, Inc. (“Mercury” or the “Company”) (NASDAQ: MRCY) between December 7, 2020 and June 23, 2023, inclusive (the “Class Period”). Click Here to Join the Action.
If you acquired Mercury common stock and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
According to the complaint, on July 26, 2022, Glasshouse Research published a report alleging that: (i) Mercury overstated organic growth; (ii) the company's acquisition of Physical Optics Corporation had been a "disaster" which was used to obscure Mercury's financial results; (iii) IMPACT, Mercury’s highly touted strategic growth initiative, was a failure; and (iv) Mercury's management prematurely recognized revenue on significant projects to artificially boost both revenue and earnings unsustainably, which also caused the Company's working capital and unbilled receivables to balloon far beyond industry norms.
Following this news, Mercury's stock price fell $4.87 per share, or 7.8%, to close at $57.26 per share on July 26, 2022.
Then, on May 2, 2023 after the market closed, according to the complaint, Mercury announced weak third quarter 2023 earnings and lower margins that caused the Company to slash its full year 2023 guidance.
Following this news, Mercury's stock price fell $7.84 per share, or 17.3%, to close at $37.44 per share on May 3, 2023.
Finally, on June 23, 2023, according to the complaint, Mercury disclosed the resignation of its Chief Executive Officer, Mark Aslett, and that the Company's recent strategic review of acquisition alternatives did not result in the sale of the Company.
Following this news, Mercury's stock price fell $3.37 per share, or approximately 9.6%, to close at $31.50 per share on June 26, 2023.
If you are a member of the proposed Class, you may move the court no later than February 12, 2024 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in complex litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
