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Four dead in murders-suicide at Philadelphia firm

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NEW: Police say gunman kills three before taking his own life
NEW: Authorities believe shootings occurred at an investment firm
NEW: Shootings possibly erupted at a board of directors meeting
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PHILADELPHIA, Pennsylvania (CNN) -- A gunman shot and killed three men at a business Monday night before turning the gun on himself and taking his own life, police said.

A fifth man was critically wounded in the shooting at the Philadelphia Naval Business Center.

"This is a tragic situation," said Philadelphia Deputy Police Commissioner Richard Ross. "One that you always hope would never hit Philadelphia."

According to Ross, there was conflicting information about the business where the shootings took place, but it was believed to be an investment firm, possibly dealing with real estate or banking.

Ross also said the wounded man was shot in the abdomen and taken to a local hospital. The nursing supervisor at Thomas Jefferson University Hospital told CNN that it received a patient with a gunshot wound who is in critical condition.

According to Ross, police received a report of gunshots at Building 79 of the business center around 8:30 p.m. ET. When officers arrived on the scene, he said, they were immediately fired upon by the gunman, who then ducked behind a door and was found dead a short time later of a self-inflicted gunshot wound.

Ross said it is believed the shootings took place at a board of directors meeting and the gunman may have been an investor.

"It appears as though he was upset about something that was going on in the company," Ross said. "He got into an argument with several of people in that board of directors meeting and ... he fired several shots at these males in question."

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The scene where four people died Monday at Philadelphia's old Navy Yard.

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