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 - EconoTimes)
NEW YORK, March 24, 2017 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against FTD Companies, Inc. (“FTD” or the “Company”) (Nasdaq:FTD) in the United States District Court for the Northern District of Illinois on behalf of a class consisting of investors who purchased or otherwise acquired FTD stock on the open market from March 13, 2015 and March 14, 2017, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s financial statements contained errors relating to the assessment of cross-border indirect taxes; (2) in turn, the Company lacked effective internal controls over financial reporting; (3) the Company had overstated the benefits of the Provide acquisition; and (4) as a result of the foregoing, the Company’s public statements were materially false and misleading at all relevant times.
On March 14, 2017, post-market, the Company issued a press release entitled “FTD Companies, Inc. Announces Fourth Quarter and Full Year 2016 Financial Results,” announcing certain of the Company’s financial and operating results for the quarter and year ended December 31, 2016. The Company announced, in part, that its net loss for the quarter was “primarily due to goodwill impairment charges related to the Provide Commerce segment of $84.0 million.” The Company also announced that, due to identified errors, the Company will restate previously reported consolidated financial statements for the years ended December 31, 2015 and 2014 and for the quarters in the years ended December 31, 2015 and 2016.
On this news, FTD’s share price fell $5.54, or 23.69%, to close at $17.85 on March 15, 2017.
If you wish to serve as lead plaintiff, you must move the Court no later than May 19, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
Contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston (212) 983-1300 [email protected] or [email protected]
