|[March 20, 2017]
Shareholder Class Action Filed against FTD Companies, Inc.
The law firm of Kessler Topaz Meltzer & Check, LLP announces that a
shareholder class action lawsuit has been filed against FTD Companies,
Inc. (NASDAQ: FTD) ("FTD" or the "Company") on behalf of purchasers of
the Company's securities between March 13, 2015 and March 14, 2017,
inclusive (the "Class Period").
Investors who purchased FTD securities during the Class Period
may, no later than May 19, 2017, petition
the Court to be appointed as a lead plaintiff representative of the
class. For additional information or to learn how to
participate in this action please visit https://www.ktmc.com/new-cases/ftd-companies-inc#join
FTD shareholders who wish to discuss this action and their legal options
are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J.
Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888)
299 - 7706 or at firstname.lastname@example.org.
FTD provides floral and related gifts and products to consumers and
retail florists primarily in the U.S., Canada, the U.K., and the
Republic of Ireland. In December 2014, FTD announced the closing of a
$430 million acquisition of "Provide Commerce," a floral and gifting
The shareholder class action complaint alleges that FTD and certain of
its executive officers made a series of materially false and misleading
statements to investors during the Class Period. Specifcally, the
defendants are alleged to have made materially false and misleading
statements and/or failed to disclose that: (i) FTD's financial
statements contained errors relating to the assessment of cross-border
indirect taxes; (ii) in turn, the Company lacked effective internal
controls over financial reporting; and (iii) FTD had overstated the
benefits of the Provide Commerce acquisition. The complaint further
alleges that, as a result of the foregoing, FTD's public statements were
materially false and misleading at all relevant times.
On March 14, 2017, FTD reported its Fourth Quarter and Full Year 2016
financial and operational results. Therein, the Company disclosed a net
loss for the Fourth Quarter "primarily due to goodwill impairment
charges related to the Provide Commerce segment of $84.0 million." FTD
also announced that it would restate its previously issued financial
statements for Fiscal 2014 and Fiscal 2015 to correct certain errors.
Following this news, shares of FTD's stock declined $5.54 per share, or
23.7%, to close on March 15, 2017 at $17.85 per share.
FTD shareholders may, no later
than May 19, 2017, petition the Court to be appointed as
a lead plaintiff representative of the class through Kessler Topaz
Meltzer & Check or other counsel, or may choose to do nothing and remain
an absent class member. A lead plaintiff is a representative party who
acts on behalf of all class members in directing the litigation. In
order to be appointed as a 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
in the action. Your ability to share in any recovery is not affected by
the decision of whether or not to serve as a lead plaintiff. For
additional information, or to learn how to participate in this action,
please visit https://www.ktmc.com/new-cases/ftd-companies-inc#join
Kessler Topaz Meltzer & Check prosecutes class actions in state and
federal courts throughout the country. Kessler Topaz Meltzer & Check is
a driving force behind corporate governance reform, and has recovered
billions of dollars on behalf of institutional and individual investors
from the United States and around the world. The firm represents
investors, consumers and whistleblowers (private citizens who report
fraudulent practices against the government and share in the recovery of
government dollars). The complaint in this action was not filed by
Kessler Topaz Meltzer & Check. For more information about Kessler Topaz
Meltzer & Check, please visit www.ktmc.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170320006290/en/
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