Robbins Umeda LLP Announces an Investigation of Lockheed Martin Corporation
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Lockheed Martin Corporation (NYSE: LMT). Lockheed Martin engages in the research, design, development, manufacture, operation, and sustainment of advanced technology systems and products for defense, space, intelligence, homeland security, and government information technology. The company was founded in 1909 and is headquartered in Bethesda, Maryland.
Robbins Umeda LLP’s investigation focuses on whether the directors and officers of Lockheed Martin harmed the company by breaching their fiduciary duties to shareholders. In particular, Robbins Umeda LLP is investigating whether company fiduciaries engaged in a scheme to deceive the investing public by routinely disseminating improper statements about the company’s true financial condition and business prospects. Beginning on April 21, 2009, officers at Lockheed Martin allegedly failed to reveal adverse facts about the company’s Information Systems & Global Systems (“IS&GS”) division concerning its growth and performance, as well as information about lost and contested IS&GS contracts.
On July 21, 2009, Lockheed Martin released its financial results for the second quarter of fiscal year 2009. These figures showed disappointing results in the company’s IS&GS division that were in stark contrast to the level of optimism contained in the company’s previous statements. On this news, shares of company’s stock fell from $82.11 to $75.13 per share. Additionally, since these allegations of misconduct have surfaced, Lockheed Martin has increasingly become the focus of costly public and legal scrutiny.
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