Glancy Prongay & Murray LLP (GPM), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired 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.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
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.
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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.
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If you purchased shares of Flex during the Class Period you may move the Court no later than June 4, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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