A lawsuit was filed on behalf of investors in FTD Companies Inc (NASDAQ:FTD) shares over alleged securities laws violations and NASDAQ:FTD investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/22/2017 -- An investor, who purchased NASDAQ:FTD shares , filed a lawsuit in Illinois concerning alleged Securities Laws violations by FTD Companies Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of FTD Companies Inc (NASDAQ:FTD) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff claims that the Defendants made false and/or misleading statements and/or failed to disclose that FTD Companies Inc's financial statements contained errors relating to the assessment of cross-border indirect taxes, that in turn, the Company lacked effective internal controls over financial reporting, that FTD Companies Inc had overstated the benefits of the Provide acquisition, and that as a result of the foregoing, FTD Companies Inc's public statements were materially false and misleading at all relevant times.
Downers Grove, IL based FTD Companies is a floral and gifting company. On March 14, 2017, FTD Companies Inc announced its fourth quarter and full year 2016 financial results. FTD Companies Inc reported that its annual Total Revenue declined from over $1.21 billion in 2015 to over $1.12 billion in 2016 and that its Net Loss increased from $80.14 million in 2015 to $83.19 million in 2016. Among other things, FTD Companies disclosed that it had identified "errors" relating to "the assessment of cross-border indirect taxes." FTD Companies further disclosed that, as a result of the errors, it would revise its previously-reported consolidated financial statements for the years ended December 31, 2015 and 2014 and for the quarters in the years ended December 31, 2015 and 2016. Shares of FTD Companies Inc (NASDAQ:FTD) declined on March 15, 2017 to as low as $17.76 per share.
On March 21, 2017, NASDAQ:FTD shares closed at $19.15 per share.
Those who purchased shares of FTD Companies Inc have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com