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Mercury Systems Inc (NASDAQ: MRCY) Investor Securities Class Action Lawsuit 07/10/2018

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Lawsuit Overview

Case Dismissed
Company
Mercury Systems Inc
Security
NASDAQ: MRCY

Case Name
Mercury Systems Shareholder Class Action Lawsuit 07/10/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Massachusetts

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Class Period End
Deadline To File for Lead
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Summary

December 10, 2018 - The case was voluntarily dismissed.

July 10, 2018 - An investor in shares of Mercury Systems Inc (NASDAQ: MRCY) filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by Mercury Systems Inc in connection with certain allegedly false and misleading statements made between October 24, 2017 and April 24, 2018.

Andover, MA based Mercury Systems Inc provides sensor and safety critical mission processing subsystems for various critical defense and intelligence programs in the United States. Mercury Systems Inc reported that its Total Revenue rose from $270.15 million for the 12 months period that ended on June 30, 2016 to $408.58 million for the 12 months period that ended on June 30, 2017 and that its Net Income for those respective time periods increased from $19.74 million to $24.87 million.

Shares of Mercury Systems Inc (NASDAQ: MRCY) grew from $16.48 per share in February 2016 to as high as $53.54 per share in October 2017.

On April 18, 2018, Spruce Point Capital Management ( Spruce Point ) published a report asserting that following a forensic and fundamental analysis of the Company, Mercury Systems Inc appears to be caught in the perfect storm of slowing growth, rising costs and debt. Specifically, the Spruce Point report sees multiple material adverse changes currently facing Mercury which suggest 50% to 85% downside risk.

Shares of Mercury Systems Inc (NASDAQ: MRCY) declined to as low as $30.11 per share in early May 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Mercury Systems Inc (NASDAQ: MRCY) common shares between October 24, 2017 and April 24, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 24, 2017 and April 24, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Mercury Systems Inc’s decision to in-source processing was adversely impacting Mercury Inc’s operating margins and free cash-flow generation and conversion, that Mercury Systems Inc’s model was becoming structurally more working capital intensive, and that as a result of the foregoing, Mercury Systems Inc’s public statements were materially false and misleading at all relevant times.