L-3 Communications (NYSE: LLL) announced that the U.S. Court of Appeals
for the Second Circuit vacated on Friday, June 27, 2008, a jury verdict
of $126 million obtained by OSI in 2006. The court found that "no
reasonable jury could have found that L-3 owed a fiduciary duty to OSI,"
and concluded that "L-3 was entitled to judgment as a matter of law."
The court also remanded OSI's fraud claim to the trial court for a new
trial, finding that the trial court incorrectly applied a lesser
standard of proof than was warranted by law.
"We are very pleased with the appeals court's decision, which vindicates
L-3," said Michael T. Strianese, president and chief executive officer.
The company will update its financial guidance for the year ending
December 31, 2008, when it reports its results for the second quarter on
July 24, 2008.
Headquartered in New York City, L-3 Communications employs over 64,000
people worldwide and is a prime contractor in aircraft modernization and
maintenance, C3ISR (Command, Control,
Communications, Intelligence, Surveillance and Reconnaissance) systems
and government services. L-3 is also a leading provider of high
technology products, subsystems and systems. The company reported 2007
sales of $14 billion.
To learn more about L-3, please visit the company’s
Web site at www.L-3Com.com.
Safe Harbor Statement Under the Private Securities Litigation Reform
Act of 1995
Except for historical information contained herein, the matters set
forth in this news release are forward-looking statements. Statements
that are predictive in nature, that depend upon or refer to events or
conditions or that include words such as “expects,”
“anticipates,” “intends,”
“plans,” “believes,”
“estimates,” “will,”
“could” and
similar expressions are forward-looking statements. The forward-looking
statements set forth above involve a number of risks and uncertainties
that could cause actual results to differ materially from any such
statement, including the risks and uncertainties discussed in the company’s
Safe Harbor Compliance Statement for Forward-looking Statements included
in the company’s recent filings, including
Forms 10-K and 10-Q, with the Securities and Exchange Commission. The
forward-looking statements speak only as of the date made, and the
company undertakes no obligation to update these forward-looking
statements.
L-3 Communications
Corporate Communications
212-697-1111
