March 11, 2016 (Shareholders Foundation) - An investigation on behalf of investors of Fly Leasing Ltd (ADR) (NYSE:FLY) shares over potential securities laws violations by Fly Leasing and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Fly Leasing Ltd(ADR) (NYSE:FLY) concerning whether a series of statements by Fly Leasing regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Fly Leasing Ltd reported that its annual Total Revenue rose from $361.34 million in 2013 to $405.33 million in 2014 and that its Net Income increased from $52.48 million in 2013 to $56.08 million in 2014.

On March 8, 2016, Fly Leasing Ltd disclosed that the Company and the U.S. Securities and Exchange Commission (SEC) were discussing FLY Leasings accounting policy for business combinations, including FLY Leasings accounting policy for intangible assets and liabilities for aircraft acquired with in-place leases. Fly Leasing Ltd also disclosed that if it is determined after the conclusion of the [SECs] review that FLY should separately recognize other intangible assets or liabilities from what has been previously recorded, the impact could be material to FLYs previously issued consolidated financial statements and require modification to its accounting for the current and prior year results, and that, as a result of the ongoing discussions with the [SEC], FLY may not be able to timely file its Annual Report on Form 20-F for the year ended December 31, 2015. Shares of Fly Leasing Ltd(ADR) (NYSE:FLY) declined on March 8, 2016 to as low as $12.21 per share.