MRCY - Mercury Systems Inc. Shareholders With Large Losses Should Contact Robbins LLP About Their Rights and Remedies in the MRCY Class Action | Benzinga
SAN DIEGO, Dec. 29, 2023 (GLOBE NEWSWIRE) --
Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Mercury Systems, Inc. (NASDAQ:MRCY) common stock between December 7, 2020 and June 23, 2023. Mercury is a technology company that produces component modules and subsystems for the aerospace and defense industries.
For more information, submit a form, email Aaron Dumas, Jr., or give us a call at (800) 350-6003.
What is this Case About: Mercury Systems, Inc. (MRCY) Misled Investors Regarding its Business Prospects
According to the complaint, during the class period, Mercury Systems, Inc. misled investors regarding its finances. Specifically, defendants failed to disclose that: (a) Mercury's serial acquirer strategy was not working and the Company was using improper revenue recognition practices such as changing to long-term contracts to mask deteriorating organic growth; (b) the acquisition of Physical Optics Corporation ("POC") would cause POC to lose its small business accreditation, which would prevent POC from winning contracts that made up a large portion of its historical business; and (c) Mercury's IMPACT initiative to increase margins was not working and was in fact cutting into margins.
Plaintiff alleges that a short seller report issued by Glasshouse Research on July 26, 2022, revealed that: (i) Mercury overstated organic growth; (ii) the Acquisition had been a "disaster" which ...