Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Flex Ltd.
LOS ANGELES–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24FLEX&src=ctag” target=”_blank”gt;$FLEXlt;/agt; lt;a href=”https://twitter.com/hashtag/CLASSACTION?src=hash” target=”_blank”gt;#CLASSACTIONlt;/agt;–Glancy
Prongay & Murray LLP (“GPM”) reminds investors of the upcoming June
4, 2019 deadline to file a lead plaintiff motion in the class
action filed on behalf of Flex Ltd. (“Flex” or the “Company”) (NASDAQ: FLEX)
investors who purchased securities between January 26, 2017 and
October 25, 2018, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to
participate.
If you wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire, at
310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com,
or visit our website at www.glancylaw.com.
On April 26, 2018, Flex issued a press release disclosing allegations by
a former employee that the Company improperly accounted for obligations
in a customer contract and certain related reserves. The Company further
announced that its Audit Committee was undertaking an investigation of
the matter with the assistance of independent outside counsel.
On this news, Flex’s share price fell $3.61, or 21.7%, to close at
$13.03 per share on April 27, 2018, thereby injuring investors.
Then, on October 25, 2018, Flex revealed that it would wind down its
co-manufacturing project with Nike in Guadalajara, Mexico because it was
unable to reach a “commercially viable solution” and that its CEO, who
had taken “direct ownership” of the project with Nike to ensure its
“operational success,” had retired.
On this news, Flex’s share price fell $3.82, or over 35%, to close at
$7.09 per share on October 26, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the
Class Period, Defendants made materially false and misleading statements
regarding the Company’s business, operational and compliance policies.
Specifically, Defendants made false and/or misleading statements and/or
failed to disclose that: (1) that the Company lacked adequate internal
control over financial reporting including those related to customer
contracts; and (2) that the Company had experienced operational issues
with the project with Nike.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased or otherwise acquired Flex securities during the Class
Period you may move the Court no later than June 4, 2019 to
request appointment as lead plaintiff in this putative class action
lawsuit. To be a member of the class action you need not take any action
at this time; you may retain counsel of your choice or take no action
and remain an absent member of the class action. If you wish to learn
more about this class action, or if you have any questions concerning
this announcement or your rights or interests with respect to the
pending class action lawsuit, please contact Lesley Portnoy, Esquire, of
GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067
at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com,
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com