Mercury Systems – Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against Mercury Systems, Inc. (“Mercury Systems” or “the Company”) (NASDAQ: MRCY) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired Mercury Systems securities from December 7, 2020 through June 23, 2023 (the “Class Period”). Investors who acquired Mercury Systems securities during this defined timeframe are strongly encouraged to participate in this case by contacting email@example.com. The deadline to file a motion for appointment of lead plaintiff is February 12, 2024.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased Mercury Systems securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST MERCURY SYSTEMS
The complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Specifically, Mercury is a technology company that produces component modules and subsystems for the aerospace and defense industries. Prior to and during the Class Period, Mercury was a serial acquirer that used acquisitions and improper revenue recognition practices to mask its inability to grow organically. During the Class Period, Defendants repeatedly touted the success of the Company’s growth, painting a false rosy financial picture for investors. Defendants repeatedly misled investors to believe that their growth was organic by misrepresenting several elements of Mercury’s business, including by hiding that Mercury had switched from “point-in-time” to “long-term contracts” in order to improperly boost reported revenues and that several of Mercury’s projects were in significant distress, including projects related to Mercury’s acquisition of Physical Optics Corporation. Mercury also lied to investors about its strategic growth initiative, 1MPACT, which was designed to improve profit margins but unbeknownst to investors was used to disguise regular expenses as restructuring costs, enabling Mercury to claim that recurring expenses were one-time costs. The market was thus shocked when Glasshouse Research issued a short seller report on July 26, 2022 that revealed the truth of these issues. The issuance of the report from Glasshouse Research caused Mercury’s stock to drop 7.8%. The full truth of the state of Mercury’s business was then revealed piecemeal to the market through several partial disclosures that took place between July 26, 2022 and June 23, 2023. During this time, the Company’s share price declined nearly 50%, wiping out billions of dollars in market capitalization and damaging investors.
ABOUT MERCURY SYSTEMS
- Mercury Systems focuses on providing secure and processing technologies for mission-critical applications in the defense and aerospace industries. They design and manufacture components and subsystems used in various defense systems.
- Mercury Systems has grown through strategic acquisitions. They have acquired several companies to enhance their capabilities and expand their product offerings in areas such as secure processing, RF and microwave technologies, and mission computing.
- The corporate headquarters of Mercury Systems Inc. is located in Andover, Massachusetts, USA.
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in Mercury Systems during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is February 12, 2024. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.