Former Attorney General of Louisiana, Charles Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC or "KSF", said that KSF has commenced an investigation into L-3 Communications Holdings Inc. (LLL).
On July 31, 2014, L-3 Communications revealed accounting irregularities linked to an aerospace logistic support contract related mainly to a Defense Department contract, with overstated sales, cost overruns that were inappropriately deferred, and alleged misconduct leading to the firing of four employees and resignation of another employee. Also, the firm disclosed that it would take an initial $84 million pretax charge as it cut its full-year profit guidance.
Following this news, the price of L-3 Communications's shares plunged.
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