RADNOR, Pa., May 08, 2018 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Flex Ltd. (FLEX, Financial) (“Flex” or the “Company”) on behalf of purchasers of the Company’s securities between January 26, 2017 and April 26, 2018, inclusive (the “Class Period”).
Investors who purchased Flex securities during the Class Period may, no later than July 7, 2018, seek to be appointed as a lead plaintiff representative of the investor class. Flex investors are encouraged to visit www.kaskelalaw.com/case/flex to receive additional information about this action and submit their information online.
On April 26, 2018, Flex issued a press release disclosing, among other things, that “the Audit Committee of the Company’s Board of Directors, with the assistance of independent outside counsel, is undertaking an independent investigation of allegations made by an employee including that the Company improperly accounted for obligations in a customer contract and certain related reserves.”
Following this news, shares of the Company’s stock declined $3.61 per share, or over 21%, to close on April 27, 2018 at $13.03, on heavy trading volume.
The shareholder class action complaint alleges that Flex and certain of its senior executive officers made false and misleading statements and/or failed to disclose to investors that: (i) the Company’s internal controls over financial reporting were materially weak and deficient; and (ii) the Company had improperly accounted for obligations in a customer contract and certain related reserves. The complaint further alleges that, as a result of the foregoing, investors purchased Flex’s securities at artificially inflated prices during the Class Period and sustained investment losses following the Company’s April 26, 2018 disclosure.
Additional information about this action may be found at www.kaskelalaw.com/case/flex. Investors may also contact attorney D. Seamus Kaskela toll-free at (888) 715 – 1740, or via email at [email protected], to discuss their legal rights and options with respect to this action.
Kaskela Law LLC exclusively prosecutes shareholder actions in state and federal courts throughout the country on behalf of investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
201 King of Prussia Road
Suite 650
Radnor, PA 19087
(888) 715 – 1740
[email protected]
www.kaskelalaw.com
