Cases
FTD Companies, Inc. (NASDAQ: FTD)
Securities Class Action
Overview
Overview
- Date:
- 3/22/2017
- Company Name:
- FTD Companies, Inc.
- Stock Symbol:
- FTD
- Class Period:
- FROM 3/13/2015 TO 3/14/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: District of Northen Illinois
NEW YORK, March 22, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons or entities who acquired FTD Companies, Inc. (NASDAQ: FTD) securities between March 13, 2015 and March 14, 2017 (the “Class Period”).
FTD is a floral and gifting company. In December 2014, FTD announced the closing of its acquisition of Provide Commerce (“Provide”), a floral and gifting business previously owned by Liberty Interactive Corporation.
On March 14, 2017, post-market, FTD revealed disappointing financial results for the quarter and year ended December 31, 2016. FTD determined that its net loss for the quarter was “primarily due to goodwill impairment charges related to the Provide Commerce segment of $84.0 million.” FTD also found errors relating to “the assessment of cross-border indirect taxes.” As a result, FTD will restate its previously-reported consolidated financial statements for the years ended December 31, 2014 and 2015 and for the quarters in the years ended December 31, 2015 and 2016.
Following this news, FTD’s share price fell $5.54, or 23.69%, to close at $17.85 on March 15, 2017.
If you purchased or otherwise acquired FTD securities during the Class Period and suffered a loss or continue to hold shares purchased prior to 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.
FTD is a floral and gifting company. In December 2014, FTD announced the closing of its acquisition of Provide Commerce (“Provide”), a floral and gifting business previously owned by Liberty Interactive Corporation.
On March 14, 2017, post-market, FTD revealed disappointing financial results for the quarter and year ended December 31, 2016. FTD determined that its net loss for the quarter was “primarily due to goodwill impairment charges related to the Provide Commerce segment of $84.0 million.” FTD also found errors relating to “the assessment of cross-border indirect taxes.” As a result, FTD will restate its previously-reported consolidated financial statements for the years ended December 31, 2014 and 2015 and for the quarters in the years ended December 31, 2015 and 2016.
Following this news, FTD’s share price fell $5.54, or 23.69%, to close at $17.85 on March 15, 2017.
If you purchased or otherwise acquired FTD securities during the Class Period and suffered a loss or continue to hold shares purchased prior to 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.