NEW YORK, March 21, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a shareholder class action lawsuit has been filed in the United States District Court for the Northern District of Illinois against FTD Companies, Inc. (NASDAQ: FTD ) (“FTD” or the “Company”) on behalf of purchasers of the Company’s securities between March 13, 2015 and March 14, 2017, inclusive (the “Class Period”).
Investors who have incurred losses in the shares of FTD Companies, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com .
If you have purchased shares of FTD Companies, Inc. and would like to assist with the litigation process, you may, no later than May 19, 2017 , request that the Court appoint you lead plaintiff of the proposed class.
The filed shareholder class action complaint alleges that FTD and certain of its executive officers made a series of materially false and misleading statements to investors during the Class Period. Specifically, the defendants are alleged to have made materially false and misleading statements and/or failed to disclose that: (i) FTD’s financial statements contained errors relating to the assessment of cross-border indirect taxes; (ii) in turn, the Company lacked effective internal controls over financial reporting; and (iii) FTD had overstated the benefits of the Provide Commerce acquisition. The complaint further alleges that, as a result of the foregoing, FTD’s public statements were materially false and misleading at all relevant times.
On March 14, 2017, FTD reported its Fourth Quarter and Full Year 2016 financial and operational results. Therein, the Company disclosed a net loss for the Fourth Quarter “primarily due to goodwill impairment charges related to the Provide Commerce segment of $84.0 million.” FTD also announced that it would restate its previously issued financial statements for Fiscal 2014 and Fiscal 2015 to correct certain errors.
Following this news, shares of FTD’s stock declined $5.54 per share, or 23.7%, to close on March 15, 2017 at $17.85 per share.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com .
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
