NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into FleetCor Technologies, Inc. (NYSE: FLT).
On December 19, 2016, the Company’s largest U.S. customer, Chevron, terminated its 10-year relationship with the Company. Then, beginning in March 2017, numerous news and analyst reports revealed allegations against the Company for a pattern of misconduct involving fraudulent billing, misleading marketing and predatory sales tactics. In May 2017, Chevron filed a breach of contract lawsuit against the Company relating in part to the Company’s mistreatment of customers. Further, between May 10, 2016 and March 10, 2017, the Company’s President/CEO/Chairman, CFO and four other directors disposed of 685,720 shares of FleetCor stock at artificially inflated prices, receiving over $108 million in proceeds.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws. Recently, the U.S. District Court presiding over that case denied the Company’s motion to dismiss in part, allowing the case to move forward.
KSF’s investigation is focusing on whether FleetCor’s officers and/or directors breached their fiduciary duties to FleetCor’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of FleetCor shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nyse-flt/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.