Cases
FleetCor Technologies, Inc. (NYSE: FLT)
Securities Class Action
Overview
Overview
- Date:
- 1/1/2017
- Status:
- Closed/Complete
NEW YORK, August 8, 2017 – Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Georgia on behalf of all persons or entities who purchased or otherwise acquired FleetCor Technologies, Inc. (NYSE: FLT) securities between February 5, 2016 and May 2, 2017 (the “Class Period”). Investors have until August 14, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint alleges that, throughout the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) the Company misled investors regarding the sources of and reasons for its earnings and growth; (2) the Company falsely stated that it clearly discloses its fees to customers and that its business is focused on helping employers control spending and save money. On March 1, 2017, Capitol Forum published an article describing how FleetCor's business model relies on overcharging customers and padding fee income through late fees even when customers pay on time. Then, on April 4, 2017, Citron issued a report accusing FleetCor of being a "predatory company by design, whose core strategy is to methodically rip off its customers..." Then, on April 27, 2017, Citron released another report explaining that FleetCor had allegedly developed a scheme to categorize its customers based on the level of improper fees the Company could charge without customer complaint.
If you purchased or otherwise acquired FleetCor securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, 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 Fortunato 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.
The complaint alleges that, throughout the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) the Company misled investors regarding the sources of and reasons for its earnings and growth; (2) the Company falsely stated that it clearly discloses its fees to customers and that its business is focused on helping employers control spending and save money. On March 1, 2017, Capitol Forum published an article describing how FleetCor's business model relies on overcharging customers and padding fee income through late fees even when customers pay on time. Then, on April 4, 2017, Citron issued a report accusing FleetCor of being a "predatory company by design, whose core strategy is to methodically rip off its customers..." Then, on April 27, 2017, Citron released another report explaining that FleetCor had allegedly developed a scheme to categorize its customers based on the level of improper fees the Company could charge without customer complaint.
If you purchased or otherwise acquired FleetCor securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, 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 Fortunato 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.