Cases
Flower Foods, Inc. (NYSE : FLO)
Securities Class Action
Overview
Overview
- Date:
- 8/15/2016
- Company Name:
- Flower Foods, Inc.
- Stock Symbol:
- FLO
- Class Period:
- FROM 2/7/2013
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, August 15, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the New York Southern District Court on behalf of all persons or entities who acquired Flower Foods, Inc. (NYSE : FLO) securities between February 7, 2013 to August 10, 2016 (the “Class Period”).
On August 10, 2016, Flowers Foods disclosed in a Current Report filed with the SEC that the U.S. Department of Labor notified Flowers Foods that the Company was scheduled for a compliance review under the Fair Labor Standards Act. The Company further stated that it intended to cooperate with the Department, and that because the review process was confidential, Flowers Foods would not comment further at that time. On this news, Flowers Foods’ stock price fell $1.60 per share, or 9%, to close at $16.15 per share on August 10, 2016, on unusually heavy trading volume.
Then, after the market closed on August 10, 2016, the Company issued a press release announcing Q2 2016 financial results. Therein, the Company announced disappointing financial results for the quarter, and that it was lowering its 2016 guidance. On this news, Flowers Foods’ stock price fell $1.20 per share, or 7.4%, to close at $14.95 per share on August 11, 2016, on unusually heavy trading volume.
The complaint charges Flowers Foods and certain of its officers with violations of the federal securities laws. Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was improperly classifying employees as independent contractors; (2) that the misclassification exposed the Company to legal liability and/or negative regulatory action; (3) that proper classification would have a negative impact on the Company’s operations; and (4) that, as a result of the foregoing, Defendants’ statements about Flowers Foods’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you acquired Flower Foods, Inc. securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
On August 10, 2016, Flowers Foods disclosed in a Current Report filed with the SEC that the U.S. Department of Labor notified Flowers Foods that the Company was scheduled for a compliance review under the Fair Labor Standards Act. The Company further stated that it intended to cooperate with the Department, and that because the review process was confidential, Flowers Foods would not comment further at that time. On this news, Flowers Foods’ stock price fell $1.60 per share, or 9%, to close at $16.15 per share on August 10, 2016, on unusually heavy trading volume.
Then, after the market closed on August 10, 2016, the Company issued a press release announcing Q2 2016 financial results. Therein, the Company announced disappointing financial results for the quarter, and that it was lowering its 2016 guidance. On this news, Flowers Foods’ stock price fell $1.20 per share, or 7.4%, to close at $14.95 per share on August 11, 2016, on unusually heavy trading volume.
The complaint charges Flowers Foods and certain of its officers with violations of the federal securities laws. Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was improperly classifying employees as independent contractors; (2) that the misclassification exposed the Company to legal liability and/or negative regulatory action; (3) that proper classification would have a negative impact on the Company’s operations; and (4) that, as a result of the foregoing, Defendants’ statements about Flowers Foods’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you acquired Flower Foods, Inc. securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.