According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that:
- Lockheed Martin lacked effective internal controls regarding its purportedly risk adjusted contracts including the reporting of its risk adjusted profit booking rate;
- Lockheed Martin lacked effective procedures to perform reasonably accurate comprehensive reviews of program requirements, technical complexities, schedule, and risks;
- Lockheed Martin overstated its ability to deliver on its contract commitments in terms of cost, quality and schedule;
- as a result, Lockheed Martin was reasonably likely to report significant losses; and
- as a result of the foregoing, defendants’ positive statements about Lockheed Martin’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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