NEW YORK, April 9, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Aerojet Rocketdyne Holdings, Inc. ("Aerojet" or the "Company") (NYSE: AJRD). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Aerojet and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 9, 2019, Spruce Point Capital Management ("Spruce Point") published a report alleging that Aerojet "is facing fundamental pressures, masked by complicated and aggressive accounting, which gives investors a potentially misleading impression of stability and growth." Among other issues, Spruce Point asserted that "~$900M of liabilities associated with the business [makes] the Company 5x more levered than it appears" and that "analysts blindly pencil in 4% revenue growth in the next two years, despite hundreds of millions of dollars in revenue programs that are disappearing." Following publication of the Spruce Point report, Aerojet's stock price fell sharply during intraday trading on April 9, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP