NEW YORK, NY / ACCESSWIRE / April 12, 2019 / Bronstein, Gewirtz & Grossman, LLC announces investors that a class action lawsuit has been filed against Flex Ltd. (''Flex'' or the ''Company'') (NASDAQ: FLEX) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Flex securities between January 26, 2017 and October 25, 2018, both dates inclusive (the ''Class Period''). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/flex.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
On April 26, 2018, Flex published a press release in which they disclosed allegations by a former employee that the Company inappropriately accounted for obligations in a customer contract and other related reserves. The Company also disclosed that its Audit Committee was launching an investigation of the matter with the help 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, injuring investors.
Thereafter, Flex revealed on October 25, 2018 that it would begin to wind down its co-manufacturing project with Nike in Guadalajara, Mexico since 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.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/flex or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Flex you have until June 4, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC