BENSALEM, Pa.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24FND&src=ctag” target=”_blank”gt;$FNDlt;/agt; lt;a href=”https://twitter.com/hashtag/classaction?src=hash” target=”_blank”gt;#classactionlt;/agt;–Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed on behalf of investors who purchased Floor & Decor Holdings,
Inc. (“Floor & Decor” or the “Company”) (NYSE: FND)
securities between May 23, 2018 and August 1, 2018, inclusive
(the “Class Period”). Floor & Decor investors have until July 19,
2019 to file a lead plaintiff motion.
Investors suffering losses on their Floor & Decor investments are
encouraged to contact the Law Offices of Howard G. Smith to discuss
their legal rights in this class action at 888-638-4847 or by email to [email protected].
On August 2, 2018, the Company reported lower-than-expected revenue for
second quarter 2018 and reduced its sales and earnings per share (“EPS”)
guidance for fiscal year 2018, citing sales shift to lower margin
products such as laminate flooring.
On this news, the Company’s share price fell $8.18, nearly 17%, to close
at $39.53 per share on August 2, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the
Class Period, Defendants made materially false and/or misleading
statements, as well as failed to disclose material adverse facts about
the Company’s business, operations, and prospects. Specifically,
Defendants failed to disclose to investors: (1) that, prior to the May
24, 2018 Secondary Offering, the Company had begun to experience
declining sales trends; (2) that, as a result, the Company was likely to
reduce its fiscal 2018 sales and adjusted EPS guidance, which had been
increased as recently as May 2018; and (3) that, as a result of the
foregoing, Defendants’ positive statements about the Company’s business,
operations, and prospects were materially misleading and/or lacked a
reasonable basis.
If you purchased shares of Floor & Decor, have information, would like
to learn more about these claims, or have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Howard G. Smith, Esquire, of Law Offices of Howard G.
Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by
telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected],
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
