A lawsuit was filed on behalf of investors in Flex Ltd. (NASDAQ: FLEX) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 05/02/2019 -- An investor, who purchased shares of Flex Ltd. (NASDAQ: FLEX), filed a lawsuit over alleged violations of Federal Securities Laws by Flex Ltd. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Flex Ltd. (NASDAQ: FLEX) have certain options and for certain investors are short and strict deadlines running. Deadline: June 4, 2019. NASDAQ: FLEX investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
On April 26, 2018, after the close of trading, Flex Ltd. disclosed its fourth quarter and fiscal year-ended March 31, 2018 financial results.
Flex Ltd. disclosed that the "Audit Committee of the Company's Board of Directors, with the assistance of independent outside counsel, is undertaking an independent investigation of allegations made by an employee including that the Company improperly accounted for obligations in a customer contract and certain related reserves. The independent outside counsel also notified the San Francisco office of the Securities and Exchange Commission of the allegations and that it will report the findings of the independent investigation upon its conclusion."
"At this time, the Company is not aware of any issues under investigation that will materially affect the fourth quarter or fiscal year results, but the investigation is ongoing. The Company has also not yet determined whether the issues will impact previously reported periods and, if so, whether that impact will be material. The historic, fourth quarter, and fiscal year results disclosed in this release do not reflect the impact, if any, from the issues under investigation."
On April 27, 2018, before the market opened it was reported that Flex shares "plunged 19% toward a 1 1/2-year low early Friday, to pace all the premarket decliners, after the contract manufacturer missed profit expectations, provided a downbeat outlook and said it was investigating allegations of improper accounting."
On October 25, 2018, Flex Ltd. reported its second quarter fiscal 2019 results and also announced that then CEO Mike McNamara has decided to retire as Chief Executive Officer, effective December 31, 2018.
The plaintiff claims that between January 26, 2017 and October 25, 2018, the defendants failed to disclose that the Company's internal controls over financial reporting were materially weak and deficient that the Company had improperly accounted for obligations in a customer contract and certain related reserves, and that, 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.
Those who purchased shares of Flex Ltd. (NASDAQ: FLEX) have certain options and should contact the Shareholders Foundation.
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