NEW YORK, June 26, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in FleetCor Technologies, Inc. ("FleetCor" or the "Company") (NYSE: FLT) of the August 14, 2017 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 FleetCor stock or options between February 5, 2016 and May 2, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/FLT. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Northern District of Georgia on behalf of all those who purchased FleetCor securities between February 5, 2016 and May 2, 2017 (the "Class Period"). The case, City of Sunrise General Employees' Retirement Plan v. FleetCor Technologies, Inc. et al, No. 17-cv-02207 was filed on June 14, 2017, and has been assigned to Judge Charles A. Pannell, Jr.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company uses obscure fees to overcharge customers and engages in predatory business and sales practices.
After having announced on December 19, 2016 that Chevron would terminate its long-term contract with FleetCor, the Company announced positive financial results for the fourth quarter of 2016 in an earnings call on February 8, 2017. During the call, CEO Ronald F. Clarke touted the Company's performance, future growth, and current products while mentioning that the Company would help Chevron transition to its new supplier.
Then, on March 1, 2017, Capitol Forum released an investigative report claiming that the Company overcharges customers using strategies that obscure the fees in transaction reports as well as in marketing materials.
Then, on April 4, 2017, Citron Research published its investigative report accusing the Company of conducting predatory business and sales practices, citing the Company's conduct as the reason for Chevron's departure. Citron Research published a follow-up report on April 27, 2017 claiming that the Company has developed an algorithm which ranks customers in terms of how acquiescent a customer can be to extra fees without complaint.
Finally, on May 3, 2017, Citron Research reported on a lawsuit filed on May 1, 2017 against FleetCor by Chevron, which claims that FleetCor has obstructed Chevron's transition to its new supplier by denying access to its fuel card portfolio. As this news have hit the market, the Company's stock price has suffered, causing damage to investors.
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 FleetCor's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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