RADNOR, Pa.--(BUSINESS WIRE)--A shareholder class action lawsuit has been filed against Flex, Ltd. (NASDAQ: FLEX) (“Flex” or the “Company”) on behalf of investors who purchased the Company’s common stock between January 26, 2017 and April 26, 2018, inclusive (the “Class Period”).
FINAL DEADLINE ALERT: Investors who purchased Flex’s common stock during the Class Period may, no later than July 9, 2018, seek to be appointed as a lead plaintiff of the investor class.
Flex investors are encouraged to contact Kaskela Law LLC (David Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740 to discuss their important legal rights and options with respect to this action prior to July 9, 2018. Investors may also go to http://kaskelalaw.com/case/flex-ltd/ to submit their information to the firm online.
On April 26, 2018, Flex disclosed that “the Audit Committee of the Company’s Board of Directors, with the assistance of independent outside counsel, is undertaking an independent investigation of allegations made by an employee including that the Company improperly accounted for obligations in a customer contract and certain related reserves.” Following this news, shares of the Company’s stock declined $3.61 per share, or over 21%, to close at $13.03 on April 27, 2018, on heavy trading volume.
The shareholder class action complaint alleges that Flex made false and misleading statements and/or failed to disclose to investors that: (i) the Company’s internal controls over financial reporting were materially weak and deficient; and (ii) the Company had improperly accounted for obligations in a customer contract and certain related reserves. The complaint further alleges that, as a result of the foregoing, investors purchased Flex’s stock at artificially inflated prices during the Class Period and suffered significant investment losses following the Company’s April 26, 2018 disclosures.
Investors are encouraged to contact Kaskela Law LLC to discuss their important legal rights and options with respect to this action prior to July 9, 2018. Kaskela Law LLC exclusively prosecutes shareholder actions in state and federal courts throughout the country on behalf of investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.