July 31 L-3 Communications Holdings Inc said it had fired four employees as part of an ongoing internal review that revealed overstatement of net sales and deferred cost overruns in the company's aerospace business.
The company, which provides communication and electronic systems to the U.S. military, said another employee had resigned.
L-3 said it expected a related reduction of about $43 million in net sales and a pre-tax charge of $84 million. The company reported preliminary sales of $3.02 billion for the second quarter ended June 27. (Reporting by Sagarika Jaisinghani in Bangalore; Editing by Ted Kerr)