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Fly Leasing Ltd (ADR) (NYSE:FLY) Investor Securities Class Action Lawsuit 03/25/2016

  • If you purchased shares of Fly Leasing Ltd (ADR) (NYSE:FLY), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Fly Leasing Ltd
Security
NYSE: FLY

Case Name
Fly Leasing Shareholder Class Action Lawsuit 03/25/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Class Period End
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Summary

October 7, 2016 - The case was voluntarily dismissed.

March 25, 2016 (Shareholders Foundation) - An investor in shares of Fly Leasing Ltd (ADR) (NYSE:FLY) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Fly Leasing Ltd in connection with certain allegedly false and misleading statements made between May 8, 2014 and March 7, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Fly Leasing Ltd (ADR) (NYSE:FLY) common shares between May 8, 2014 and March 7, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 8, 2014 and March 7, 201, the defendants made false and/or misleading statements and/or failed to disclose that during fiscal years 2014 and 2015, Fly Leasing Ltd had engaged in improper accounting with respect to intangible assets and liabilities for aircraft acquired with in-place leases; and that as a result of the foregoing, Fly Leasing Ltd’s public statements were materially false and misleading at all relevant times.

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 Leasing’s accounting policy for business combinations, including FLY Leasing’s 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 [SEC’s] review that FLY should separately recognize other intangible assets or liabilities from what has been previously recorded, the impact could be material to FLY’s 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.