STEVENSON, Md., June 20, 2017 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Georgia on behalf of purchasers of FleetCor Technologies, Inc. (NYSE:FLT) (“FleetCor” or the “Company”) securities during the period between February 5, 2016 through May 2, 2017, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until August 14, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in FleetCor securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company’s growth and earnings were the result of overbilling its customers and the Company utilized deceptive marketing materials and other predatory sales schemes including, but not limited to, failing to clearly disclose its contractual fees.
According to the complaint, following a December 19, 2016 announcement that the Company’s largest U.S. customer terminated its relationship with the Company, a March 1, 2017 article regarding the Company’s sales and billing practices, an April 4, 2017 report regarding the Company’s sales and billing practices, an April 27, 2017 follow-up report, a May 1, 2017 lawsuit for breach of contract, and a May 3, 2017 report about the lawsuit, the value of FleetCor shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in FleetCor securities purchased on or after February 5, 2016 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.