FLT INVESTORS NOTICE: Lieff Cabraser Reminds Investors of Deadline in Class Action Against FleetCor Technologies, Inc.
July 17 2017 - 3:18PM
Business Wire
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.
FleetCor 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 responsibility.
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.
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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
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