SHAREHOLDER ALERT: Levi & Korsinsky, LLP Reminds Shareholders of FLY Leasing Limited of Class Action Lawsuit and a Lead Plaintiff Deadline of May 24, 2016 – FLY

NEW YORK, May 20, 2016 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:

To: All persons or entities who purchased or otherwise acquired securities of FLY Leasing Limited ("FLY Leasing") FLY between May 8, 2014 and March 7, 2016.

You are hereby notified that a securities class action lawsuit has been commenced in the USDC for the Southern District of New York. If you purchased or otherwise acquired FLY Leasing securities between May 8, 2014 and March 7, 2016, your rights may be affected by this action. To get more information go to: http://www.zlk.com/pslra/fly-leasing-limited.

The complaint alleges that during the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: (a) during fiscal years 2014 and 2015 FLY Leasing engaged in improper accounting with respect to intangible assets and liabilities for aircraft required with in-place leases; and (b) as a result of the foregoing, FLY Leasing's statements about the Company's business, operations and prospects were materially false and misleading at all relevant times.

If you suffered a loss in FLY Leasing you have until May 24, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/pslra/fly-leasing-limited.

Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation involving financial fraud, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.