RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased FleetCor Technologies, Inc. (NYSE: FLT) (“FleetCor” or the “Company”) securities between February 5, 2016 and May 2, 2017, inclusive (the “Class Period”).
FleetCor shareholders may, no later than August 14, 2017, move the Court for appointment as a lead plaintiff of the Class. 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.
FleetCor provides fuel cards, commercial payment and data solutions, gift card and stored value solutions, and workforce payment products and services primarily in the United States, Brazil, and the United Kingdom.
On March 1, 2017, Capital Forum reported that FleetCor’s business model improperly relies on overcharging customers and padding fee income through late fees even when customers pay on time. This news drove the price of FleetCor shares down approximately 3% to close at $164.75 that day.
On April 4, 2017 Citron Research published a report, similarly based on customer, competitor, and former employee interviews, accusing Fleetcor of being a “predatory company by design, whose core strategy is to methodically rip off its customers, using business practices and fees that are designed to deceive.” This news drove the price of FleetCor shares down approximately 6% to close at $141.60 that day.
On April 27, 2017 Citron Research issued a follow-up report explaining how FleetCor developed a scheme to categorize customers based on the level of improper fees that could be charged without the customers complaining. This news drove the price of FleetCor shares down approximately 4% to close at $145.65 that day.
On May 1, 2017 Chevron sued FleetCor for breach of contract. This news drove the price of FleetCor shares down approximately 7% to close at $138.00 on May 2, 2017. Then, on May 3, 3017, Citron and Benzinga reported on the filing of Chevron’s lawsuit. This news drove the price of FleetCor shares down approximately 5% to close at $131.26 on May 3, 2017.
If you are a member of the class, you may, no later than August 14, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.