LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California (Docket Number 3:18-cv-02706), on behalf of all purchasers of Ordinary Shares (or “shares”) of Flex Ltd. (“Flex” or the “Company”) (NASDAQ: FLEX) between January 26, 2017 and April 26, 2018, inclusive (the “Class Period”), asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Flex investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action.
Investors that suffered losses on their Flex 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 email@example.com, or visit the Flex case page on our website at www.glancylaw.com/case/flex-ltd.
On April 26, 2018, Flex issued a press release disclosing allegations by a former employee that the Company improperly accounted for obligations in a customer contract and certain related reserves. The Company further announced that its Audit Committee was undertaking an investigation of the matter with the assistance of independent outside counsel.
On this news, Flex’s share price fell $3.61, or 21.7%, to close at $13.03 per share on April 27, 2018, thereby injuring investors.
The complaint filed in this class action alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the Company’s internal controls over financial reporting were materially weak and deficient; (2) that the Company had improperly accounted for obligations in a customer contract and certain related reserves; and, (3) that, as a result of the foregoing, the Company’s financial statements and Defendants’ statements about Flex’s business, operations, and prospects, were materially false and misleading at all relevant times.
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If you acquired shares of Flex during the Class Period you have 60 days from the date of this notice to file a lead plaintiff motion 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 firstname.lastname@example.org, 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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