RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Floor & Decor Holdings, Inc. (“Floor & Decor” or the “Company”) (NYSE: FND) between May 23, 2018 and August 1, 2018, inclusive (the “Class Period”).
Floor & Decor shareholders may, no later than July 19, 2019, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Floor & Decor 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.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that, prior to the May 24, 2018 Secondary Offering, the Company had begun to experience declining sales trends; (2) that, as a result, the Company was likely to reduce its fiscal 2018 sales and adjusted EPS guidance, which had been increased as recently as May 2018; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On August 2, 2018, the Company reported lower-than-expected revenue for second quarter 2018 and reduced its sales and earnings per share guidance for fiscal year 2018, citing sales shift to lower margin products such as laminate flooring.
On this news, the Company’s share price fell $8.18, nearly 17%, to close at $39.53 per share on August 2, 2018, thereby injuring investors.
If you are a member of the class, you may, no later than July 19, 2019, 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.