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L-3 Communications fires four for misconduct in aerospace unit

31
Jul
2014

L-3 Communications Holdings Inc said it fired four employees as part of an ongoing internal review that revealed overstatement of net sales and deferred cost overruns in the companys aerospace business. L-3 cited misconduct and accounting errors including concealment from L-3s corporate staff at its aerospace systems business for the overstatement and deferred cost overruns. We have no reason to believe that this issue occurred at any other segment of the company, Chief Executive Michael Strianese said on a conference call with analysts. The company also cut its 2014 operating margin forecast for the aerospace systems business to 9.0-9.2 percent from 10.6-10.8 percent.

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