LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased FTD Companies, Inc. (“FTD” or the “Company”) (NASDAQ: FTD) securities between March 13, 2015 and March 14, 2017, inclusive (the “Class Period”). FTD investors have until May 19, 2017 to file a lead plaintiff motion.
Investors suffering losses on their FTD investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
On March 14, 2017, FTD disclosed that it had identified “errors” relating to “the assessment of cross-border indirect taxes.” FTD further disclosed that, as a result of the errors, it would revise its 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, shares of FTD fell over 23% on March 15, 2017, thereby injuring investors.
According to the Complaint filed in this class action, 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: (i) FTD’s financial statements contained errors relating to the assessment of cross-border indirect taxes; (ii) in turn, the Company lacked effective internal controls over financial reporting; (iii) FTD had overstated the benefits of the Provide acquisition; and (iv) as a result of the foregoing, FTD’s public statements were materially false and misleading at all relevant times.
If you purchased shares of FTD during the Class Period you may move the Court no later than May 19, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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