SAN FRANCISCO, June 21, 2017 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP alerts investors in FleetCor Technologies, Inc. (NYSE: FLT) to the securities class action pending in the U.S. District Court for the Northern District of Georgia and to the August 14, 2017 Lead Plaintiff deadline.
If you purchased or otherwise acquired securities of FLT between February 5, 2016 and May 2, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing FLT@hbsslaw.com.
On March 1, 2017, Capital Forum reported that FleetCor's business model improperly relies on overcharging customers and padding fee income through late fees even when customers pay on time. This news drove the price of FleetCor shares down approximately 3% to close at $164.75 that day.
On April 4, 2017 Citron Research published a report, similarly based on customer, competitor, and former employee interviews, accusing Fleetcor of being a "predatory company by design, whose core strategy is to methodically rip off its customers, using business practices and fees that are designed to deceive." This news drove the price of FleetCor shares down approximately 6% to close at $141.60 that day.
On April 27, 2017 Citron Research issued a follow-up report explaining how FleetCor developed a scheme to categorize customers based on the level of improper fees that could be charged without the customers complaining. This news drove the price of FleetCor shares down approximately 4% to close at $145.65 that day.
On May 1, 2017 Chevron sued FleetCor for breach of contract. This news drove the price of FleetCor shares down approximately 7% to close at $138.00 on May 2, 2017.
When, on May 3, 2017, Citron Research reported on Chevron's lawsuit the price of FleetCor shares fell approximately 5% to close at $131.26 that day.
On May 3, 3017, Citron and Benzinga reported on the filing of Chevron's lawsuit. This news drove the price of FleetCor shares down approximately 5% to close at $131.26 on May 3, 2017.
"We're focused on events as they unfold and certainly on Company's reported business practices that, if true, appear to contradict earlier statements to investors," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding FleetCor should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email FLT@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000
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SOURCE Hagens Berman Sobol Shapiro LLP