SAN DIEGO & NORCROSS, Ga.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of FleetCor Technologies, Inc. (NYSE: FLT) breached their fiduciary duties to shareholders. FleetCor provides fuel cards, commercial payment and data solutions, gift card and stored value solutions, and workforce payment products and services primarily in the United States, Brazil, and the United Kingdom.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/fleetcor-technologies-inc-mar-2018
FleetCor Accused of Engaging in Fraudulent Billing Practices
According to a class action complaint alleging violations of the Securities Exchange Act of 1934 for breaches of fiduciary duties and unjust enrichment by certain current and former officers and directors of Fleetcor, the company failed to disclose that the true reasons for its earnings and growth were from its fraudulent billing practices, dissemination of misleading marketing materials, and predatory sales tactics. Investors began to learn the truth about the company's improper practices on December 19, 2016, when Chevron – FleetCor's largest U.S. partner – announced that it was terminating its 10-year relationship with the company and signed a long-term contract with FleetCor's primary competitor, WEX, Inc. Then, in March 2017, published reports began accusing FleetCor of fraudulent billing practices and predatory sales tactics, which are believed to have been ongoing since at least February 2016.
FleetCor Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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