On January 26, 2023, Northrop released its fourth quarter and full-year 2022 financial results, disclosing that the Company had received a criminal subpoena from the U.S. Department of Justice (“DOJ”) on December 9, 2022, “seeking information regarding financial and cost accounting and controls that appears focused on the interest rate the company used to determine [its cost accounting standards] pension expense.”
On this news, Northrop’s stock price fell $19.82, or 4.3%, to close at $443.47 per share on January 26, 2023, injuring investors.
