SAN DIEGO & SOUTH LANE, Singapore--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Flex Ltd. (NasdaqGS: FLEX) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between January 26, 2017 and April 26, 2018. Flex provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/flex-ltd
Flex Accused of Improperly Accounting for Obligations in a Customer Contract
According to the complaint, Flex issued a series of public filings emphasizing that the company was focused on generating sustainable free cash flow and consistently returning value to its shareholders. Flex also reported impressive revenue performance and net sales and noted that there were no issues with the company's internal control over financial reporting. However, on April 26, 2018, Flex disclosed that the company's Audit Committee was investigating allegations by an employee that the company improperly accounted for obligations in a customer contract and certain related reserves. Flex further admitted that it did not yet know the impact the investigation would have on its historic, fourth quarter and fiscal year results. On this news, Flex's stock fell over 21% to close at $13.03 per share on April 27, 2018.
Flex Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, 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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