NEW YORK (Reuters) - Orbital Sciences Corp. (ORB.N: Quote, Profile,
Research) , which makes satellites, launch vehicles and missile defense
systems, on Friday said it was the subject of a federal probe into
government contracting procedures, sending its shares spiraling downward.
U.S. government agents on Thursday searched Orbital's facilities at
Dulles, Virginia, and Chandler, Arizona, the company said, as part of
what it believes to be an investigation into contracting procedures on
some U.S. government launch vehicle programs.
Orbital shares were down $1.16, or 11 percent, to $9.41 in early trade
on the New York Stock Exchange.
The company said it is cooperating with the investigative authorities
and is not aware that it has violated any federal contracting laws,
policies or procedures.
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