Purchasers 4/21/98 - 2/16/99
On Tuesday, February 16, 1999, after the close of trading, Orbital Sciences Corporation announced that it was restating the first three fiscal quarters of 1998, and that earnings had decreased during the first three quarters, instead of increasing as previously reported. The restatement reduces previously reported net income by approximately $1,774,000 (or approximately $0.07 per diluted share) in the first quarter of 1998, by approximately $1,421,000 (or approximately $0.04 per diluted share) in the second quarter of 1998, and by approximately $6,175,000 (or approximately $0.15 per diluted share) in the third quarter of 1998. Total diluted earnings per share for the nine months ended September 30, 1998 were reduced from $0.62 to $0.37 per share. Insiders reaped more than $3 million in insider trading proceeds during the period now being restated. On news of the restatement, ORB shares fell $2.25 to close at $27.375 on February 17, 1999, losing 7.5% of their value in a single day's trading, off 44% from their class period high of $49.125.
If you purchased ORB shares during the period 4/21/98 - 2/16/99, you may be a member of a class of injured shareholders. If you have information which would help us prosecute Orbital Sciences Corporation, please contact us at mail@schubert-reed.com. If you want more information about Orbital Sciences Corporation or class action lawsuits, please review our web site at schubert-reed.com. |
