Leidos Holdings, Inc.
Detecting A Major Cover-Up Threatening Earnings and Global Public Safety
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Research Overview

INDEX:
S&P 500
Sector:
Technology
Position:
Short
Date:
Feb 16, 2021

After conducting a forensic financial and accounting review, Spruce Point believes Leidos Holdings, Inc (NYSE: LDOS), a Fortune 500 science and technology company, wasted $1 billion on the acquisition of L3Harris’ (NYSE: LHX) Security Detection & Automation (“SD&A”) business – and has potentially misled investors on its financial benefits. Based on our investigation, we estimate up to 60% downside risk.

The report highlights several key concerns with the company, including:

  • We believe Leidos wasted $1 billion on the acquisition of L3Harris’security detection & automation business – and has potentially misled investors on its financial benefits
  • Evidence suggests that under CEO Krone’s leadership, Leidos is concealing numerous product defects from investors, including faulty explosive detection systems at airports, ports and borders 
  • We find numerous signs of cash flow struggles and the potential mischaracterization of organic revenues
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