I was at work today, so I accessed the UA site on the Yahoo Finance app to find out if there was some news accounting for the drop my broker's website had absolutely no info on it.
Well, the aforementioned Yahoo app website had a story concerning some rather large insider selling recently going on. 21,500 shares from at least several insiders, if memory serves. Was this selling today causing the downturn (doubtful) or is reaction to this news by others inside the financial loop the reason for the hit (more likely, imo)?
Yes. It's an accounting timing thing from the look of it. Now that doesn't mean actual sales have risen/fallen. So, in my mind, it's pretty much a non-event, but I'm keeping my eyes peeled this present quarter for any news of a softening in orders, etc. GL
"In February 2016, during the course of the year-end close process, the Company, after discussions with PwC, concluded that the correct way to account for Orbital's percentage-of-completion contracts under GAAP is to "reset" the estimate to completion as of the acquisition date. This means that the Company's accounting for these contracts would be based on the Company's estimate of remaining effort on such contracts at the acquisition date instead of the inception date of the contract.
The Company is assessing how the underlying accounting errors that caused the Restatement may affect its conclusion on internal control over financial reporting and disclosure controls and procedures of December 31, 2015 and expects to conclude it had a material weakness as of that date as a result of the adjustments to the Restated Quarters. The Company will report on its conclusion regarding the effectiveness of the Company's internal control over financial reporting in the 2015 Form 10-K.
Due to the aforementioned matters, the Company will not file the 2015 Form 10-K by February 29, 2016. The Company expects to file the 2015 Form 10-K on or before March 15, 2016."