L-3 Wins Appeal of $126 Million Jury Award to OSI Systems
NEW YORK--(BUSINESS WIRE)--June 30, 2008--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.
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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.
CONTACT: L-3 Communications Corporate Communications 212-697-1111 SOURCE: L-3 Communications