NEW YORK, April 04, 2019 (GLOBE NEWSWIRE) -- 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 rgonnello@faruqilaw.com.
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
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.
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