The law firm of Lieff
Cabraser Heimann & Bernstein, LLP reminds investors of the
upcoming deadline to move for appointment as lead plaintiff in
securities class litigation brought on behalf of investors who purchased
or otherwise acquired the securities of FleetCor Technologies, Inc.
(“FleetCor” or the “Company”) (NYSE: FLT) between February 5, 2016 and
May 2, 2017, inclusive (the “Class Period”).
If you purchased or acquired the securities of FleetCor during the Class
Period, you may move the Court for appointment as lead plaintiff by no
later than August 14, 2017. A lead plaintiff is a representative party
who acts on behalf of other class members in directing the litigation.
Your share of any recovery in the action will not be affected by your
decision of whether to seek appointment as lead plaintiff. You may
retain Lieff Cabraser, or other attorneys, as your counsel in the action.
investors who wish to learn more about the litigation and how to seek
appointment as lead plaintiff should click here or contact Sharon
M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
FleetCor provides specialized payment products and services, including
fuel cards for businesses worldwide. The complaint filed in the action
alleges that throughout the Class Period, defendants made materially
false and misleading statements and failed to disclose that FleetCor’s
earnings and growth were attributable, in significant part, to improper
and fraudulent business practices, including overcharging customers and
assessing exorbitant fees not clearly disclosed in contracts,
disseminating misleading marketing materials, and engaging in predatory
sales practices. FleetCor also failed to disclose that its bill payment
system could not properly and timely process customer bill payments.
On December 19, 2016, FleetCor’s largest customer, Chevron, reportedly
signed a long-term contract with FleetCor’s chief competitor to replace
FleetCor as a provider of branded commercial fuel cards beginning in
January 2018. Following this news, the price of FleetCor’s common stock
fell $5.08 per share, or 3.43%, from its closing price on December 16,
2016, to close at $142.96 per share on December 19, 2016.
On March 1, 2017, Capital Forum, a firm that provides investigative news
and legal analysis of industry issues, published a report on its
investigation into FleetCor’s business practices, noting that FleetCor’s
success has been based on “(1) understating or misrepresenting the fees
associated with its products at the point of sale; (2) waiving fees
during the first three months of card use when customers are most likely
to carefully scrutinize their bills; and (3) burying fees at the end of
lengthy transaction reports utilizing a host of vague descriptors.” In
addition, according to the report, FleetCor’s bill payment system was
reportedly “plagued by critical deficiencies that make it difficult for
the customer to timely pay FleetCor bills.” On March 1, 2017, FleetCor’s
stock price fell $5.25 per share, or 3.09%, from its closing price on
February 28, 2017 to close at $164.75.
On April 4, 2017, Citron Research, an online stock commentary website,
published a report accusing FleetCor of being a “predatory company by
design whose core strategy is to methodically rip off its customers
using business practices and fees that are designed to deceive.”
Following this report, FleetCor’s stock fell $8.55 per share, or 5.69%,
from its closing price on April 3, 2017 to close at $141.60 per share on
the next day.
On April 27, 2017, Citron Research issued a follow-up report providing
additional details on FleetCor’s illicit business practices. On that
day, FleetCor stock fell $5.73 per share, or 3.79%, from its closing
price on April 26, 2017 to close at $145.65 per share.
On May 1, 2017, Chevron sued FleetCor for breach of contract. FleetCor’s
stock price fell $10.18 per share, or 6.87%, from its closing price on
May 1, 2017 to close at $138 per share on the next day. On May 3, 2017,
following media reports of the Chevron lawsuit, FleetCor’s stock price
fell another $6.74 per share, or 4.88%.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco,
New York, Nashville, and Seattle, is a nationally recognized law firm
committed to advancing the rights of investors and promoting corporate
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for fourteen years. In compiling
the list, the National Law Journal examines recent verdicts and
settlements and looked for firms “representing the best qualities of the
plaintiffs’ bar and that demonstrated unusual dedication and
creativity.” Law360 has selected Lieff Cabraser as one of the Top
50 law firms nationwide for litigation, highlighting our firm’s “laser
focus” and noting that our firm routinely finds itself “facing off
against some of the largest and strongest defense law firms in the
world.” In late 2016, Benchmark Litigation named Lieff Cabraser
one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation
of investors, please visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170717006122/en/
Source/Contact for Media Inquiries OnlyLieff Cabraser
Heimann & Bernstein, LLPSharon M. Lee, 1-800-541-7358