LOS ANGELES--(BUSINESS WIRE)--Goldberg Law PC, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against FleetCor Technologies, Inc. (“FleetCor” or the “Company”) (NYSE: FLT) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s shares between February 5, 2016 and May 2, 2017, inclusive (the “Class Period”), are encouraged to contact the firm before August 14, 2017, the lead plaintiff motion deadline.
If you are a shareholder who suffered a loss during the Class Period, click here to participate.
We also encourage you to contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights free of charge. You can also reach us through the firm’s website at http://www.goldberglawpc.com/, or by email at firstname.lastname@example.org.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Complaint alleges that during the Class Period, FleetCor violated federal securities laws by making materially false and misleading public statements, and/or failing to disclose material information, about the sources of its earnings and growth. The Company stated that it focuses on helping employers control spending and save money, and that it discloses its fees clearly to customers.
On December 19, 2016, FleetCor announced that Chevron would terminate its long-term contract with the Company. On February 8, 2017, CEO Ronald F. Clarke touted the Company’s performance and growth while mentioning that it would help Chevron transition to a new supplier.
On March 1, 2017, Capitol Forum released a report claiming that FleetCor overcharges customers and obscures its fees in transaction reports and marketing materials. On April 4, 2017, Citron Research published a report accusing the Company of engaging in predatory business and sales practices, and citing this as the reason Chevron departed. On April 27, 2017, Citron Research published a follow-up report asserting that FleetCor developed an algorithm which ranks customers by how acquiescent they are to extra fees without complaint.
On May 3, 2017, Citron Research reported on a lawsuit Chevron filed against FleetCor on May 1, 2017, claiming that the Company obstructed its transition to a new supplier by denying access to its fuel card portfolio. Following this news, FleetCor’s stock price dropped materially, which caused investors harm.
Goldberg Law PC represents investors around the world, and specializes in securities class action lawsuits and shareholder rights litigation.
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