LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired the securities of Foot Locker, Inc. (“Foot Locker” or the “Company”) (NYSE: FL) between August 19, 2016 and August 17, 2017, inclusive (the “Class Period”). Foot Locker investors have until May 8, 2018 to file a lead plaintiff motion.
To obtain information or actively participate in the class action, please visit Foot Locker page on our website at www.glancylaw.com/case/foot-locker-inc. Investors that suffered losses on their Foot Locker investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
On August 18, 2017, Foot Locker announced poor second quarter 2017 financial results, including a 6% decline in quarterly same-store sales year-over-year. In addition, Foot Locker disclosed that it would close approximately 130 stores, which was up from 100 it had previously stated it would close. Finally, on its Q2 2017 conference call with investors and analysts, Foot Locker revealed that it expected weaker sales for the remainder of fiscal year 2017.
On this news, shares of Foot Locker fell nearly 28%, to close at $34.38 on August 18, 2017, thereby injuring investors.
The Complaint filed in this class action alleges that 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) 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; (ii) competition with online retailers had increased the pricing competition Foot Locker faced while concomitantly lowering demand at its stores; and (iii) as a result, Defendants’ statements about Foot Locker’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased shares of Foot Locker during the Class Period you may move the Court no later than May 8, 2018 to ask the Court to appoint you as lead plaintiff. 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. 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 these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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