NEW YORK, July 11, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Floor & Decor Holdings, Inc. ("Floor & Decor" or the "Company")(FND) of the July 19, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Floor & Decor stock or options between May 23, 2018 and August 1, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/FND. There is no cost or obligation to you.
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 email@example.com.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Northern District of Georgia on behalf of all those who purchased Floor & Decor common stock between May 23, 2018 and August 1, 2018 (the "Class Period"). The case, Taylor v. Floor & Decor Holdings, Inc. et al, No. 19-cv-02270 was filed on May 21, 2019, and has been assigned to Judge Steve C. Jones.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose adverse information regarding Floor & Decor’s business and prospects prior to its May 24, 2018 Secondary Offering. The complaint claims that the Company had begun to experience declining sales trends that would ultimately result in the reduction of its fiscal 2018 sales and adjusted earnings per share guidance, which had been increased as recently as May 2018.
On May 3, 2018, the Company announced its financial results for the first quarter of fiscal 2018, reporting revenue and earnings results that beat expectations and increasing the Company’s financial projections for the remainder of fiscal 2018. Then, on May 23, 2018, the Company filed a Registration Statement and Prospectus with the SEC for a Secondary Offering of 10 million shares of Floor & Decor common stock at $44.77 per share.
However, on August 2, 2018, Floor & Decor announced its financial results for the second quarter of 2018. The second quarter results were in sharp contrast to the assurances made on May 3, 2018 about the strength of the Company's business and its continuing growth trajectory for the remainder of 2018.
On this news, Floor & Decor's share price fell from $47.71 per share on August 1, 2018 to a closing price of $37.50 on August 3, 2018: a $10.21 or a 21.4% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who 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 to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Floor & Decor's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.