Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Flex Ltd.(Flex or the Company) (NASDAQ: FLEX) securities between January 26, 2017 and October 25, 2018, inclusive (the Class Period). Flex investors have until June 4, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Flex 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 April 26, 2018, Flex issued a press release disclosing allegations by a former employee that the Company improperly accounted for obligations in a customer contract and certain related reserves. The Company further announced that its Audit Committee was undertaking an investigation of the matter with the assistance of independent outside counsel.
On this news, Flexs share price fell $3.61, or 21.7%, to close at $13.03 per share on April 27, 2018, thereby injuring investors.
Then, on October 25, 2018, Flex revealed that it would wind down its co-manufacturing project with Nike in Guadalajara, Mexico because it was unable to reach a commercially viable solution and that its CEO, who had taken direct ownership of the project with Nike to ensure its operational success, had retired.
On this news, Flexs share price fell $3.82, or over 35%, to close at $7.09 per share on October 26, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Companys business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) that the Company lacked adequate internal control over financial reporting including those related to customer contracts; and (2) that the Company had experienced operational issues with the project with Nike.
If you purchased shares of Flex, have information or 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.
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