According to the complaint, defendants made false and/or misleading statements and/or failed to disclose that:
- Mercury’s serial acquiror strategy was not working and Mercury was using improper revenue recognition practices such as changing to long-term contracts to mask deteriorating organic growth;
- the acquisition would cause Physical Optics Corporation (“POC”) to lose its small business accreditation, which would prevent POC from winning contracts that made up a large portion of its historical business;
- Mercury had at least twenty programs that were suffering and not performing well;
- Mercury’s 1MPACT strategic growth initiative to increase margins was not working and was in fact cutting into margins; and
- as result, Mercury’s statements about its financial performance and its ability to meet its lofty projections were based on false assumptions.
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