The Law Office of Jeffrey M. Haber Announces the Investigation of Booz Allen Hamilton Holding Corp. and Certain of Its Officers
- Posted on: Jun 30 2017
Lead Plaintiff Motion Due No Later Than August 18, 2017
New York, N.Y. – June 30, 2017 – The Law Office of Jeffrey M. Haber (the “Firm”) is investigating Booz Allen Hamilton Holding Corp. (“Booz Allen” or the “Company”) (NYSE: BAH) for violations of the federal securities laws. A class action lawsuit has been brought in the United States District Court for the Eastern District of Virginia on behalf of all persons who purchased or otherwise acquired Booz Allen securities between May 19, 2016 and June 15, 2017, inclusive (the “Class Period”). The case, Langley v. Booz Allen Hamilton Holding Corporation, et al., No. 17-cv-00696, was filed on June 19, 2017, and has been assigned to Judge Leonie M. Brinkema (the “Action”).
Booz Allen, based in McLean, Virginia, is one of the largest publicly traded U.S. defense and intelligence-agency contractors. Several of its executives either previously worked for the government or left the Company to take high-level government positions. The Company provides management and technology consulting, engineering, analytics, digital, mission operations, and cyber solutions to governments, corporations, and not-for-profit organizations in the United States and internationally. At all relevant times, Booz Allen has derived substantially all of its revenues from services provided to the U.S. government. Its stock trades on the New York Stock Exchange under the symbol BAH.
The lawsuit focuses on whether the Company and its executives violated the federal securities laws by failing to maintain proper internal financial controls and accounting standards that led to the reporting of inflated revenues purportedly earned from the Company’s contracts with the U.S. government. Specifically, the complaint alleges that the defendants made materially false and misleading statements and/or failed to disclose that: (i) Booz Allen had engaged in improper and unstainable accounting practices in its contracts with the U.S. government; (ii) which inflated its reported revenues; and (iii) subjected the Company to heightened regulatory scrutiny, potential criminal sanctions, and jeopardized its business relationship with the U.S. government.
On June 15, 2017, after the market closed, Booz Allen disclosed that, on June 7, 2017, the Company’s subsidiary, Booz Allen Hamilton Inc., was informed that “the U.S. Department of Justice is conducting a civil and criminal investigation relating to certain elements of the Company’s cost accounting and indirect cost charging practices with the U.S. government.” Following this news, shares of the Company’s stock declined $7.43 per share, or 18.9%, to close on June 16, 2017, at $31.90 per share, on heavy trading volume.
If you purchased or otherwise acquired Booz Allen securities during the Class Period, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, contact Jeffrey M. Haber, Esq. at (212) 209-1005, or firstname.lastname@example.org. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the Action will not be affected by your decision of whether to seek appointment as lead plaintiff.
If you want to move for appointment as lead plaintiff, you must do so by no later than August 18, 2017.
No class has been certified in the Action. Until a class is certified, you are not considered represented by an attorney. You may retain the Firm, or other attorneys, as your counsel in the Action, or you may also choose to do nothing and be an absent class member.
The Firm also encourages anyone, including former employees, shareholders and others, with non-public information regarding the Company’s Class Period conduct to contact the Firm about helping in the investigation or taking advantage of the SEC Whistleblower Program. Under the SEC Whistleblower program, whistleblowers who provide original information may receive an award of up to 30% of any successful recovery made by the SEC.
About the Firm:
The Law Office of Jeffrey M. Haber represents investors in securities class action and shareholder derivative litigation. Mr. Haber, the principal of the firm, has extensive experience in the prosecution of complex, representative litigation. His reputation and experience in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed him to major positions in complex securities multi-district and consolidated litigation.
Additionally, the Firm represents corporations, small businesses, partnerships and individuals in a broad range of complex business and commercial litigation. The firm combines the sophistication and counsel of a large national law firm with the economy, flexibility, commitment and personal attention of a small firm.
Jeffrey M. Haber, Esq.
Law Office of Jeffrey M. Haber
708 3rd Avenue, 5th Floor
New York, NY 10017
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