NEW YORK, Oct. 05, 2016 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Flowers Foods, Inc. (“Flowers Foods” or the “Company”) (NYSE:FLO) of the October 11, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Flowers Foods securities between February 7, 2013, and August 10, 2016 (the “Class Period”). The case, Hendley v. Flowers Foods, Inc. et al, No. 1:16-cv-06417 was filed on August 12, 2016, and has been assigned to Judge Lorna Gail Schofield.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose: (1) the Company was misclassifying employees as independent contractors; (2) the misclassification exposed the Company to legal liability and/or negative regulatory action; (3) that proper classification would have adverse impact on the Company’s operations; and (4) as a result, the Company’s statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
Specifically, on August 10, 2016, Flowers Foods disclosed that the U.S. Department of Labor notified the Company that it was scheduled for a compliance review under the Fair Labor Standards Act. On this news, Flowers Foods’ share price fell from $17.75 per share on August 9, 2016 to a closing price of $16.15 on August 10, 2016 —a $1.60 or a 9.01% drop.
In addition, after-market on August 10, 2016, the Company announced disappointing Q2 2016 financial results. The Company announced revenue of $935 million, which fell below projections of $949 million. On this news, Flowers Foods’ share price fell from $16.15 per share on August 10, 2016 to a closing price of $14.95 on August 11, 2016 —a $1.20 or a 7.43% drop.
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If you invested in Flowers Foods common stock or options between February 7, 2013, and August 10, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/FLO. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Flowers Foods’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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