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BOSTON, May 21, 2019 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a Boston-based securities litigation firm representing investors nationwide, announces that a securities fraud class action has been filed against Floor & Decor Holdings, Inc. (NYSE: FND), and certain of its officers and directors, as well as certain controlling shareholders. Shareholders who lost money on their Floor & Decor Holdings investment are encouraged to contact Block & Leviton LLP to learn more.
On August 2, 2018, before the market opened, Floor & Decor announced a significant reduction in the company’s fiscal year 2018 sales and earnings per share guidance. Floor & Decor’s stock price declined more than 21%, from a close of $47.71 per share on August 1, 2018 to a close of $37.50 per share on August 3, 2018.
The lawsuit alleges that the company’s May 24, 2018 Secondary Offering documents included false and misleading statements, in violation of federal securities law. Specifically, the complaint alleges that the defendants knew but failed to disclose that the company had already begun to experience declining sales trends that would ultimately result in the reduction of its fiscal 2018 sales and adjusted earnings per share guidance, which the company publicly increased in May 2018. While the company’s stock was artificially inflated, insiders sold more than 10.3 million shares of Floor & Decor common stock, including shares sold in the May 24, 2018 Secondary Offering,
If you purchased Floor & Decor shares between May 23, 2018 and August 1, 2018, and want to become involved in the litigation or have questions about your legal rights, you are encouraged to contact Dan DeMaria at (617) 398-5660, by email at email@example.com, or by visiting https://shareholder.law/fnd. As a member of the class, you may seek to file a motion to serve as a lead plaintiff or take no action and remain an absent class member. If you wish to serve as a lead plaintiff, you must move the Court no later than July 19, 2019.
The complaint in this case was filed in the United States District Court, Northern District of Georgia, and is captioned Taylor v. Floor & Decor Holdings, Inc., et al.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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