LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces an investigation on behalf of FedEx Corporation (“FedEx” or the “Company”) (NYSE: FDX) investors concerning the Company and its officers’ possible violations of federal securities laws.
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If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com.
In July 2016, the Company acquired TNT Express N.V., a logistics company, for $4.8 billion. On March 31, 2017, the Company announced that by fiscal 2020, the TNT integration would result in a $1.2 billion to $1.5 billion operating income improvement above its fiscal 2017 level (the “TNT Income Improvement Target”).
On December 18, 2018, the Company disclosed an earnings miss for second quarter 2018 due to negative shift in TNT’s product mix to lower margin freight business after a cyberattack on TNT’s operations in June 2017. The Company also lowered its fiscal 2019 guidance and stated that it could no longer achieve the TNT Income Improvement Target by fiscal 2020.
On this news, the Company’s shares fell $22.50 per share, or more than 12%, to close at $162.51 per share on December 19, 2018, thereby injuring investors.
If you purchased FedEx securities, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067 at 310-201-9150, Toll-Free at 888-773-9224, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number, and the number of shares purchased.
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