NEW YORK, June 20, 2017 (GLOBE NEWSWIRE) -- Safirstein Metcalf LLP announces that a class action lawsuit has been filed against Booz Allen Hamilton Holding Corp. (NYSE:BAH) ("Booz Allen" or the "Company") on behalf of purchasers of the Company's securities between May 19, 2016 and June 15, 2017, inclusive (the "Class Period").
If you purchased Booz Allen securities during the Class Period, and would like more information about the Booz Allen Shareholder Class Action, please call 1-800-221-0015, or email info@SafirsteinMetcalf.com. If you wish to serve as lead plaintiff, you must move the Court no later than August 18, 2017.
A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The shareholder class action complaint alleges that Booz Allen and certain of its senior executive officers made a series of materially false and misleading statements to investors about the Company's business, operations, and compliance policies. Specifically, the defendants are alleged to have made materially false and misleading statements and/or failed to disclose that: (i) Booz Allen engaged in improper accounting practices in its contracts with the U.S. government; (ii) consequently, the Company's revenues derived from services provided to the U.S. government were inflated and unsustainable; and (iii) discovery of the foregoing conduct would subject the Company to heightened regulatory scrutiny, potential criminal sanctions, and jeopardize its business relationship with the U.S. government.
On June 15, 2017, Booz Allen disclosed 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.
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
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