BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming May 19, 2017 deadline to file a lead plaintiff motion in the class action lawsuit filed on behalf of a class of investors who purchased or otherwise acquired 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.
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 FTD securities, you may move the Court no later than May 19, 2017 to request appointment as lead plaintiff in the putative class action. 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 action. 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 this lawsuit, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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