NEW YORK (Legal Newsline) - An investor is suing a commercial aircraft leasing company and two of its chief officers, alleging it failed to disclose to investors certain information about the company.
Gerald Margolis, individually and for all others similarly situated, filed a class action lawsuit March 25 in U.S. District Court for the Southern District of New York against FLY Leasing Limited, Colm Barrington, and Gary Dales, alleging violations of the Securities Exchange Act.
The suit alleges from May 8, 2014 to March 7, 2016, the defendants made materially false and misleading statements about FLY's business, operational, and compliance policies. Specifically, the complaint states, the defendants failed to disclose that during fiscal years 2014 and 2015, FLY engaged in improper accounting with intangible assets and liabilities for aircraft acquired with in-place leases. As a result, FLY stock fell by 8.2 percent March 8, damaging investors, the suit says.
Margolis and others in the class seek a jury trial, damages, interests, attorney fees, and other costs of the suit. They are represented by attorneys Jeremy A. Lieberman, J. Alexander Hood, II, Marc Gorrie and Patrick V. Dahlstrom of Pomerantz LLP in New York and Chicago, and by Michael Goldberg and Brian Schall of Goldberg Law PC in Marina Del Rey, California.
U.S. District Court for the Southern District of New York Case number 1:16-CV-02220-WHP