NEW YORK, July 13, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Mercury Systems, Inc. (“Mercury Systems” or the “Company”) (Nasdaq:MRCY) in the United States District Court for the District of Massachusetts on behalf of a class consisting of investors who purchased or otherwise acquired Mercury Systems securities between October 24, 2017 and April 24, 2018, both dates inclusive (“Class Period).
Investors who have incurred losses in the shares of Mercury Systems, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Mercury Systems, Inc., you may, no later than September 10, 2018, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Mercury Systems, Inc.
The filed Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that:
- Mercury’s decision to in-source processing was adversely impacting Mercury’s operating margins and free cash-flow generation and conversion;
- Mercury’s model was becoming structurally more working capital intensive; and
- as a result of the foregoing, Mercury’s public statements were materially false and misleading at all relevant times.
On April 24, 2018, Mercury announced its financial and operating results for the quarter ended March 31, 2018. With respect to its free cash flow for the quarter, Mercury reported a net outflow of $2.6 million, compared to a net inflow of $11.9 million for the same period in the prior year.
In a conference call discussing Mercury's quarterly results, the Company's Chief Financial Officer stated that Mercury had been aware for the "last couple quarters" of certain customer trends in managing cash in their accounts payable and of Mercury's need to reduce account payables related to its inventory build, both of which directly impacted Mercury's cash flow for the quarter ended March 31, 2018.
Following this news, Mercury's share price fell $8.02, or 18.68%, to close at $34.91 on April 25, 2018.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
## Follow the firm and learn about newly filed cases on Twitter and Facebook. ##
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774