NEW YORK–(BUSINESS WIRE)–Faruqi & Faruqi, LLP, a leading national securities law firm, reminds
investors in Flex Ltd. (“Flex” or the “Company”)(NASDAQ:FLEX) to seek
the role of lead plaintiff in a federal securities class action that has
been filed against the Company.
If you invested in Flex stock or options between January 26, 2017 and
October 25, 2018 and would like to discuss your legal rights, click
here: www.faruqilaw.com/FLEX.
There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292
or at 212-983-9330 or by sending an e-mail to [email protected].
The lawsuit has been filed in the U.S. District Court for the Northern
District of California on behalf of all those who purchased Flex
publicly traded securities, including common stock and exchange-traded
options on such common stock between January 26, 2017 and October 25,
2018 (the “Class Period”). The case is captioned David
Kipling v. Flex Ltd., No. 18-cv-02706, and has been assigned to
Judge Lucy H. Koh.
The lawsuit focuses on whether the Company and its executives violated
federal securities laws by failing to disclose issues underlying the
Company’s Nike contract.
Specifically, on April 26, 2018, Flex revealed the Nike project would
not be breakeven for at least another two quarters, with the Company’s
Chief Executive Officer, Michael McNamara, disclosing that Flex was
“targeting profitability during the second half of fiscal 2019.”
On this news, Flex’s share price fell from $16.64 per share on April 26,
2018 to a closing price of $13.03 on April 27, 2018: a $3.61 or a 21.69%
drop.
Then after the markets closed on October 25, 2018, Flex issued a press
release announcing, among other things, that “Flex and Nike have
mutually agreed to wind-down the footwear manufacturing operations in
Guadalajara by December 31, 2018.”
On this news, Flex’s share price fell from $10.91 per share on October
25, 2018 to a closing price of $7.09 on October 26, 2018: a $3.82 or a
35.01% drop.
The court-appointed lead plaintiff is the investor with the largest
financial interest in the relief sought by the class who is adequate and
typical of class members who directs and oversees the litigation on
behalf of the putative class. Any member of the putative class may move
the Court to serve as lead plaintiff through counsel of their choice, or
may choose to do nothing and remain an absent class member. Your ability
to share in any recovery is not affected by the decision to serve as a
lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding
Flex’s conduct to contact the firm, including whistleblowers, former
employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is
Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome with respect
to any future matter. We welcome the opportunity to discuss your
particular case. All communications will be treated in a confidential
manner.
Contacts
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New
York, NY 10017
Attn: Richard Gonnello, Esq.
[email protected]
Telephone:
(877) 247-4292 or (212) 983-9330
