RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP announces that an investor class action lawsuit has been filed against Flex Ltd. (Nasdaq: FLEX) (“Flex”) on behalf of purchasers of Flex Ordinary Shares between January 26, 2017 and April 26, 2018, inclusive (the “Class Period”).
Flex investors who purchased securities during the Class Period may, no later than July 9, 2018, seek to be appointed as a lead plaintiff representative of the class.
Investors who wish to discuss this action or request additional information about the lawsuit are encouraged to contact Kessler Topaz Meltzer & Check attorneys James Maro, Jr. or Adrienne Bell at (888) 299-7706 or online at: https://www.ktmc.com/new-cases/flex-ltd#join
According to the complaint, Flex purportedly provides design, engineering, manufacturing, and supply chain services and solutions.
The Class Period commences on February 23, 2017, when Flex published a press release announcing its financial results for the quarter ended December 31, 2016.
According to the complaint, on April 26, 2018, Flex issued a press release disclosing that the company’s Audit Committee, with the assistance of independent outside counsel, was investigating allegations by an employee that the company improperly accounted for obligations in a customer contract and certain related reserves.
Following this news, Flex’s share price fell $3.61 per share, or more than 21%, on high trading volume, to close at $13.03 per share on April 27, 2018.
The complaint alleges that, throughout the Class Period, the 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 the defendants’ statements about Flex’s business, operations, and prospects, were materially false and misleading at all relevant times.
Flex investors may, no later than July 9, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.