Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 Investing In Flex Ltd. To Contact The Firm
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, please fill out the form below. 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 email@example.com.
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.
Flex Ltd. (FLEX)
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Filed on 04/04/2019
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Richard W. Gonnello firstname.lastname@example.org Phone (212) 983-9330 Fax (212) 983-9331