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 derives most of its revenue from the sale and maintenance of fuel card programs to business owners to allow their employees to purchase fuel at gas stations.
Investors filed a consolidated class action complaint against Fleetcor for alleged violations of the Securities Exchange Act of 1934. According to the class action complaint, Fleetcor misrepresented and omitted material facts regarding the true reasons for its earnings and growth, which were the result of fraudulent billing practices, dissemination of misleading marketing materials, and predatory sales tactics. On May 15, 2018, U.S. District Judge Leigh Martin Ma denied in part defendants' motion to dismiss plaintiff's complaint, paving the way for litigation to proceed. Specifically, the court found that plaintiffs had sufficiently alleged that defendants made material misrepresentations regarding their revenues when they stated the cards were "fee free" because there where in fact a multitude of fees involve. The court also found that plaintiffs had sufficiently alleged the prevalence of the fraud.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/fleetcor-technologies-inc-may-2018
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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