STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of Foot Locker, Inc. (NYSE: FL) (“Foot Locker” or the “Company”) securities during the period between August 19, 2016 and August 17, 2017, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until May 8, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Foot Locker securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Foot Locker’s vendors were transitioning to selling through various online retailers, diminishing the utility of Foot Locker’s large number of brick and mortar stores and the once-high value of its exclusivity relationships with those vendors, and that competition with online retailers had increased the pricing competition Foot Locker faced while concomitantly lowering demand at its stores.
According to the complaint, following an August 18, 2017 announcement of its financial results, reporting that revenues had declined 4.4% year-over-year, the value of Foot Locker shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Foot Locker securities purchased on or after August 19, 2016 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.