NEW YORK, Aug. 26, 2016 /PRNewswire/ -- Pomerantz LLP
announces that a class action lawsuit has been filed against
Flowers Foods, Inc. ("Flowers Foods" or the "Company")
(NYSE: FLO) and certain of its officers. The class
action, filed in United States District Court, Southern District of
New York, and docketed under
16-cv-06523, is on behalf of a class consisting of all persons or
entities who purchased or otherwise acquired Flowers Foods
securities between February 7, 2013
and August 10, 2016 inclusive (the
"Class Period"). This class action seeks to recover damages
against Defendants for alleged violations of the federal securities
laws under the Securities Exchange Act of 1934 (the "Exchange
Act").
If you are a shareholder who purchased Flowers Foods securities
during the Class Period, you have until October 11, 2016 to ask the Court to appoint you
as Lead Plaintiff for the class. A copy of the Complaint can
be obtained at www.pomerantzlaw.com. To discuss this action,
contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased.
[Click here to join this class action]
Flowers Foods is a producer and marketer of packaged bakery
foods in the United States. The Company operates 46 bakeries
that produce breads, buns, rolls, snack cakes, pastries, and
tortillas. The Company's products are sold regionally through a
direct store delivery network that encompasses the East, South, and
Southwest, and are sold nationwide via delivery to retailer's
warehouses.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements, as
well as failed to disclose material adverse facts about the
Company's business, operations, and prospects. Specifically,
Defendants made false and/or misleading statements and/or failed to
disclose that: (i) the Company's labor practices were not in
compliance with applicable federal laws and regulations; (ii) this
non-compliance exposed the Company to legal liability and/or
negative regulatory action; and (iii) as a result of the foregoing,
Defendants' statements about Flowers Foods' business, operations,
and prospects were false and misleading and/or lacked a reasonable
basis.
On August 10, 2016, Flowers Foods
disclosed in a Current Report filed with the U.S. Securities and
Exchange Commission that the U.S. Department of Labor had notified
Flowers Foods that the Company was scheduled for a compliance
review under the Fair Labor Standards Act. The Company
further stated that it intended to cooperate with the Department,
and that because the review process was confidential, Flowers Foods
would not comment further at that time.
On this news, Flowers Foods' stock price fell $1.60 per share, or 9%, to close at $16.15 per share on August
10, 2016, on unusually heavy trading volume.
After the market closed on August 10,
2016, the Company issued a press release announcing its Q2
2016 financial results. Therein, the Company announced
revenue of $935 million, which fell
below the Wall Street projection of $949
million.
On this news, Flowers Foods' stock price fell $1.20 per share, or 7.4%, to close at
$14.95 per share on August 11, 2016, on unusually heavy trading
volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los
Angeles, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/shareholder-alert--pomerantz-law-firm-reminds-shareholder-with-losses-on-their-investment-in-flowers-foods-inc-of-class-action-lawsuit-and-upcoming-deadline--flo-300318867.html
SOURCE Pomerantz LLP