RM LAW, P.C. has commenced an investigation into potential securities law violations by certain officers of FleetCor Technologies, Inc. (“FleetCor” or the “Company”) (NYSE: FLT).
If you purchased shares of FleetCor and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
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.