Lockheed Martin Hit With Shareholder Class Action

Law360, New York (July 22, 2011, 7:39 PM EDT) -- A pension fund filed a class action in New York on Wednesday alleging Lockheed Martin Corp. defrauded investors with bullish statements about its information systems business in 2009.

In April 2009, Lockheed issued upbeat reports about its overall performance and singled out its Information Systems & Global Solutions division as a surging business, only to see its stock price tumble $7 per share when the earnings proved underwhelming, according to the complaint.

The City of Pontiac General Employees’ Retirement System alleges that Lockheed, its CEO Robert...
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