NEW ORLEANS, Sept. 11, 2024 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until September 16, 2024 to file lead plaintiff applications in a securities class action lawsuit against CAE, Inc. (: CAE), if they purchased the Company’s shares between February 11, 2022 and May 21, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
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CAE investors should visit us at https://claimsfiler.com/cases/-cae/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
CAE and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 21, 2024, the Company disclosed a “re-baselining of its Defense business, Defense impairments, accelerated risk recognition on Legacy Contracts and appointment of Nick Leontidis as COO,” as well as “a $568.0 million non-cash impairment of Defense goodwill,” “$90.3 million in unfavorable Defense contract profit adjustments as a result of accelerated risk recognition on the Legacy Contracts,” and a “$35.7 million impairment of related technology and other non-financial assets which are principally related to the Legacy Contracts.”
On this news, the price of CAE’s shares fell over 5%, from $19.83 per share on May 21, 2024, to $18.80 per share on May 22, 2024.
The case is Norbert Gamache v. CAE Inc., et al., 24-cv-05360.
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