The Shuman Law Firm Investigates FleetCor Technologies, Inc.
March 28 2018 - 5:54PM
Business Wire
The Shuman Law Firm announces that it is investigating potential
claims against certain officers and directors of FleetCor
Technologies, Inc. (“FleetCor” or the “Company”) (NYSE: FLT).
FleetCor is a Norcross, Georgia-based company that provides fuel
cards, commercial payment and data solutions, gift card and stored
value solutions, and workforce payment products and services
primarily in the United States, Brazil, and the United Kingdom.
The Firm’s investigation focuses on allegations raised in a
class action lawsuit filed against FleetCor and certain of the
Company’s senior officers and directors that the Company had
utilized “exploitive sales and billing practices” and “encouraged
its sales people to pad their numbers in order to artificially
inflate the number of new ‘bookings’ FleetCor could report to
shareholders.” The lawsuit also accuses FleetCor of flipping
customer accounts to multiple cards within FleetCor’s range of
products and deriving a substantial amount of income from
“administrative fees.” On March 1, 2017, business journal Capitol
Forum published a report stating that FleetCor “routinely imposes a
myriad of unwarranted fees on customers” and that “FleetCor further
supplements its fee revenue with late fees through the use of a
bill payment system that makes it extremely difficult, if not
impossible, for customers to make timely payments.” The Firm is
investigating whether any senior officers and/or directors of
FleetCor breached their fiduciary duties with respect to these
allegations. Following the Capitol Forum report, FleetCor’s stock
price fell more than 11%, corresponding to a loss of market
capitalization of $1.5 billion.
If you currently own FleetCor common stock and are interested in
discussing your rights, or have information relating to this
investigation, please contact Kip B. Shuman or Rusty E. Glenn toll
free at (866) 569-4531 or email Mr. Shuman at kip@shumanlawfirm.com
or Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm represents investors throughout the nation,
concentrating its practice in stockholder litigation.
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version on businesswire.com: https://www.businesswire.com/news/home/20180328006193/en/
The Shuman Law FirmKip B. Shuman, Esq.,
866-569-4531kip@shumanlawfirm.comorRusty E. Glenn, Esq.,
866-569-4531rusty@shumanlawfirm.comorFax: 303-536-7849Web:
www.shumanlawfirm.com
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