An investigation for investors in NYSE:FLY shares over potential securities laws violations by Fly Leasing and certain of its directors and officers in connection certain financial statements was announced.
Investors who purchased shares of Fly Leasing Ltd (ADR) (NYSE:FLY), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on whether certain statements by Fly Leasing regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On March 8, 2016, Fly Leasing Ltd disclosed that the Company and the U.S. Securities and Exchange Commission (“SEC”) were discussing FLY Leasing’s accounting policy for business combinations, including FLY Leasing’s accounting policy for intangible assets and liabilities for aircraft acquired with in-place leases. Fly Leasing Ltd also disclosed that “if it is determined after the conclusion of the [SEC’s] review that FLY should separately recognize other intangible assets or liabilities from what has been previously recorded, the impact could be material to FLY’s previously issued consolidated financial statements and require modification to its accounting for the current and prior year results,” and that, “as a result of the ongoing discussions with the [SEC], FLY may not be able to timely file its Annual Report on Form 20-F for the year ended December 31, 2015.” Shares of Fly Leasing Ltd(ADR) (NYSE:FLY) declined on March 8, 2016 to as low as $12.21 per share.
On March 22, 2016, NYSE:FLY shares closed at $13.01 per share.
Those who purchased NYSE:FLY shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com