SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the upcoming deadline to move for appointment as lead plaintiff in securities class litigation brought on behalf of investors who purchased or otherwise acquired the securities of FleetCor Technologies, Inc. (“FleetCor” or the “Company”) (NYSE: FLT) between February 5, 2016 and May 2, 2017, inclusive (the “Class Period”).
If you purchased or acquired the securities of FleetCor during the Class Period, you may move the Court for appointment as lead plaintiff by no later than August 14, 2017. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
FleetCor investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
FleetCor provides specialized payment products and services, including fuel cards for businesses worldwide. The complaint filed in the action alleges that throughout the Class Period, defendants made materially false and misleading statements and failed to disclose that FleetCor’s earnings and growth were attributable, in significant part, to improper and fraudulent business practices, including overcharging customers and assessing exorbitant fees not clearly disclosed in contracts, disseminating misleading marketing materials, and engaging in predatory sales practices. FleetCor also failed to disclose that its bill payment system could not properly and timely process customer bill payments.
On December 19, 2016, FleetCor’s largest customer, Chevron, reportedly signed a long-term contract with FleetCor’s chief competitor to replace FleetCor as a provider of branded commercial fuel cards beginning in January 2018. Following this news, the price of FleetCor’s common stock fell $5.08 per share, or 3.43%, from its closing price on December 16, 2016, to close at $142.96 per share on December 19, 2016.
On March 1, 2017, Capital Forum, a firm that provides investigative news and legal analysis of industry issues, published a report on its investigation into FleetCor’s business practices, noting that FleetCor’s success has been based on “(1) understating or misrepresenting the fees associated with its products at the point of sale; (2) waiving fees during the first three months of card use when customers are most likely to carefully scrutinize their bills; and (3) burying fees at the end of lengthy transaction reports utilizing a host of vague descriptors.” In addition, according to the report, FleetCor’s bill payment system was reportedly “plagued by critical deficiencies that make it difficult for the customer to timely pay FleetCor bills.” On March 1, 2017, FleetCor’s stock price fell $5.25 per share, or 3.09%, from its closing price on February 28, 2017 to close at $164.75.
On April 4, 2017, Citron Research, an online stock commentary website, published a report accusing FleetCor of being a “predatory company by design whose core strategy is to methodically rip off its customers using business practices and fees that are designed to deceive.” Following this report, FleetCor’s stock fell $8.55 per share, or 5.69%, from its closing price on April 3, 2017 to close at $141.60 per share on the next day.
On April 27, 2017, Citron Research issued a follow-up report providing additional details on FleetCor’s illicit business practices. On that day, FleetCor stock fell $5.73 per share, or 3.79%, from its closing price on April 26, 2017 to close at $145.65 per share.
On May 1, 2017, Chevron sued FleetCor for breach of contract. FleetCor’s stock price fell $10.18 per share, or 6.87%, from its closing price on May 1, 2017 to close at $138 per share on the next day. On May 3, 2017, following media reports of the Chevron lawsuit, FleetCor’s stock price fell another $6.74 per share, or 4.88%.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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