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FDAzar > Flex Ltd. Securities Class Action

Flex Ltd. Securities Class Action

Flex Ltd. (NASDAQ: FLEX) is a technological manufacturer that provides design, engineering, manufacturing, and supply chain services and solutions. After the market closed on April 26, 2018, Flex disclosed that the Company’s Audit Committee, with the assistance of independent outside counsel, was investigating allegations by an employee, including that the Company improperly accounted for obligations in a customer contract and certain related reserves. On this news Flex’s stock price fell $3.61 per share, or more than 21%, on unusually high trading volume, to close at $13.03 per share on April 27, 2018.

A class action lawsuit was filed on May 8, 2018, Kipling v. Flex Ltd. et al., Case No. 5:18-cv-02706 (N.D. Cal 2018), alleging that Flex, its Chief Executive Officer Michael M. McNamara and its Chief Financial Officer Christopher E. Collier (“Defendants”) made a number of material misstatements and omissions concerning the Company’s business, operations, and prospects. Specifically, the complaint alleges that Defendants failed to disclose that: (1) the Company’s internal controls over financial reporting were materially weak and deficient; (2) the Company had improperly accounted for obligations in a customer contract and certain related reserves; and, (3) as a result of the foregoing, the Company’s financial statements and Defendants’ statements about Flex’s business, operations, and prospects were materially false and/or misleading at all relevant times.

On October 1, 2018, FDAzar and Thornton Law Firm were appointed Lead Counsel for the class led by Lead Plaintiff Bristol County Retirement System by the Honorable Lucy H. Koh in the United States District Court for the Northern District of California. Currently, FDAzar and Thornton Law Firm are conducting their investigation and amending the complaint to further detail the allegations against Defendants.

You may have a claim against Flex if you purchased Flex Ltd. common stock between January 26, 2017 and April 26, 2018, inclusive (the “Class Period”). CONTACT FDAZAR IMMEDIATELY.

NATURE OF THE CLAIMS AGAINST DEFENDANTS

On January 26, 2017, Flex published a press release announcing its financial results for the quarter ending December 31, 2016. This release confirmed that there were no issues with the Company’s internal controls over financial reporting. On January 27, 2017, the Company filed its financial report for the period ended December 31, 2016 on Form 10-Q with the Securities and Exchange Commission (“SEC”). The Company reiterated the financial results previously announced in its January 26, 2017 earnings press release and confirmed that there were no issues with the Company’s internal controls over financial reporting.

Likewise, on April 27, 2017, July 27, 2017, October 26, 2017, and January 25, 2018, Flex published press releases and SEC filings affirming its financial results for the relevant period and confirming that there were no issues with the Company’s internal controls over financial reporting.

Then, after the market closed 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, including that the Company improperly accounted for obligations in a customer contract and certain related reserves. Flex also announced that the independent counsel had notified the San Francisco Office of the SEC of the allegations. On this news, Flex’s stock price fell more than 21% – $3.61 per share – on unusually high trading volume, to close at $13.03 per share on April 27, 2018.

The complaint alleges that in violation of the Federal securities laws, including Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, Flex’s statements during the Class Period were materially false and/or misleading when made because Defendants failed to disclose that: (1) the Company’s internal controls over financial reporting were materially weak and deficient; (2) the Company had improperly accounted for obligations in a customer contract and certain related reserves; and, (3) as a result of the foregoing, the Company’s financial statements and Defendants’ statements about Flex’s business, operations, and prospects, were materially false and misleading at all relevant times. The complaint further alleges that as a result of Defendants’ misstatements and omissions, Class members may be entitled to damages for the material decline in value of their shares of Flex common stock. If you purchased Flex Ltd. common stock between January 26, 2017 and April 26, 2018, contact FDAzar HERE. We will fight to get you the recovery you deserve.

FDAZAR’S CLASS ACTION EXPERIENCE

Franklin D. Azar & Associates is well known in the class action community. For over 30 years, our attorneys have protected the rights of individuals who have been taken advantage of by big corporations, and during that time, have secured over $1.5 billion in compensation – including over $750 million from Walmart in a wage and hour dispute that spanned approximately 26 states. FDAzar has been and is involved in mass tort and class actions against other large corporations like Toyota, Hewlett Packard, British Petroleum, drug manufacturers, medical device manufacturers, and 401k providers. Our class action department is staffed with experienced and knowledgeable attorneys who focus on litigating large, complex cases on behalf of consumers, employees and investors who have suffered losses.

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