Business
SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against CAE Inc. - CAE
NEW YORK, NY / ACCESSWIRE / September 5, 2024 / Pomerantz LLP announces that a class action laws...
About this update from Cae Inc.
[{"type":"text","content":"SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against CAE Inc. - CAENEW YORK, NY / ACCESSWIRE / September 5, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against CAE Inc. (\"CAE\" or the \"Company\") (NYSE:CAE). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.The class action concerns whether CAE and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.You have until September 16, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired CAE securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.[Click here for information about joining the class action]On November 14, 2023, CAE issued a press release reporting its second quarter fiscal year 2024 results and stated that certain of the Company's legacy contracts continued to be plagued by cost overruns. CAE revealed that, within its Defense and Security (\"Defense\") segment, the Company planned to \"retir[e] legacy contracts, which have been most affected by inflationary pressures\" and further stated that \"[w]e are firmly focused on retiring legacy contracts as soon as possible and to mitigating the cost pressures associated with them.\"On this news, CAE's stock price fell $0.85 per share, or nearly 4%, to close at $21.07 per share on November 14, 2023.Then, on February 14, 2024, CAE issued a press release reporting its third quarter fiscal year 2024 results and identified \"eight distinct legacy contracts\" that are firm, fixed-price in structure and that suffered from severe cost overruns due to supply chain disruptions, inflationary pressures, and availability of labor. According to the press release, the Company \"sought to further accelerate the retirement of outstanding program risks, mainly associated with certain legacy Defense contracts that we entered into pre-COVID and have been most impacted by economic headwinds.\" CAE further revealed that \"[a]lthough [the contracts] represent only a small fraction of the current bus...