SAN DIEGO, CA / ACCESSWIRE / March 21, 2018 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for certain investors in NYSE: FL shares over alleged securities laws violations by Foot Locker, Inc.
Investors who purchased shares of Foot Locker, Inc. (NYSE: FL) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On August 18, 2017, Foot Locker, Inc. announced disappointing second quarter 2017 financial results, including a 6% decline in quarterly same-store sales year-over-year, which resulted in a substantial revenue miss. Foot Locker, Inc. also stated that it would close approximately 130 stores, more than the 100 stores it had previously announced it would close. During a conference call held with investors and analysts that morning, the Company said it expected weaker sales for the remainder of fiscal 2017.
On March 9, 2018, a lawsuit was filed against Foot Locker, Inc. over alleged securities laws violations. The plaintiff claims that the defendants made materially false and misleading statements and/or failed to disclose material adverse information regarding Foot Locker's business and prospects, including that Foot Locker's vendors were transitioning to selling through various online retailers, diminishing the utility of Foot Locker's large number of brick and mortar stores and the once-high value of its exclusivity relationships with those vendors, and that competition with online retailers had increased the pricing competition Foot Locker faced while also materially lowering the demand at Foot Locker stores. As a result of defendants' failure to disclose this adverse information, the price of Foot Locker stock was artificially inflated to as high as $79.20 per share during the Class Period and Foot Locker senior executives, including the individuals defendants, were able to sell over 192,000 shares of their personally held Foot Locker stock at artificially inflated prices for gross proceeds of $13.3 million.
Those who purchased Foot Locker, Inc. (NYSE: FL) shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
SOURCE: Shareholders Foundation, Inc.
