Leidos Holdings, Inc.
|Company Name||Leidos Holdings, Inc.|
On February 16, 2021, Spruce Point Capital Management published a report alleging, among other things, that “Leidos’ $1.0 billion levered acquisition of L3Harris’ Security Detection and Automation business (SD&A) is experiencing significant problems, including product defects, that increase the likelihood of a material adverse effect.” The report also alleged that the Company misstated revenue, citing for example, a $6 million variance between the third quarter 2020 investor presentation and Form 10-Q, which “raises the possibility that Leidos has booked fake revenue, or is keeping two sets of books.”
On this news, Leido’s stock price fell $3.41 per share, or 3.14%, to close at $105.22 per share on February 16, 2021, thereby injuring investors.
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