NEW YORK, March 21, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in FTD Companies Inc. (“FTD” or the “Company”) (NYSE:FTD) of the May 19, 2017 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 Northern District of Illinois on behalf of all those who purchased FTD stock or options between March 13, 2015 and March 14, 2017 (the “Class Period”). The case, Winograd v. FTD Companies, Inc. et al., No. 17-cv-02135 was filed on March 20, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to maintain appropriate internal accounting controls.
Specifically, during post-market hours on March 14, 2017, FTD announced financial and operating results for the quarter and year ended December 31, 2016. The Company stated, in part, that the Company’s net loss for the quarter was “primarily due to goodwill impairment charges related to the Provide Commerce segment of $84.0 million.” FTD also stated that, due to identified errors, the Company will restate 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.
After the announcement, FTD’s share price fell from $23.39 per share on March 14, 2017 to a closing price of $17.85 on March 15, 2017—a $5.54 or a 23.7% drop.
Request more information now by clicking here: www.faruqilaw.com/FTD. There is no cost or obligation to you.
Take Action
If you invested in FTD stock or options between March 13, 2015 and March 14, 2017 and would like to discuss your legal rights, visit www.faruqilaw.com/FTD. 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 rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding FTD’s 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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