DENVER, June 21, 2019 /PRNewswire/ -- Franklin D. Azar & Associates PC and Thornton Law Firm LLP are investigating a securities class action lawsuit filed on behalf of shareholders of Floor & Decor Holdings, Inc. (NYSE: FND), a multi-channel specialty retailer of hard surface flooring and related accessories. Purchasers of FND common stock between May 23, 2018 and August 1, 2018 ("the Class Period") are included as prospective members of this class action.
Shareholders who purchased at least 1,000 shares of FND stock from May 23, 2018 to August 1, 2018 are encouraged to contact Franklin D. Azar and Associates, P.C. to discuss their options in seeking to be a lead plaintiff in the action.
If you would like to discuss this Action in more depth, or have any questions concerning this notice, your rights, or your interests, please contact Ivy Ngo of Franklin D. Azar and Associates, P.C. at 1-844-241-9475 or by email at [email protected].
The lawsuit alleges that Floor & Decor Holdings withheld adverse information from investors, artificially inflating FND stock prices during the Class Period. The action alleges that Floor & Decor Holdings made materially false and misleading statements in its May 23, 2018 SEC Registration Statement and Prospectus in advance of a May 24, 2018 Secondary Offering. Prior to the Secondary Offering, Floor & Decor Holdings knew of its declining sales trends that would require the reduction of its FY2018 earnings guidance. In fact, Floor & Décor Holdings had increased this guidance as late as May 2019. By misleading investors, Floor & Décor Holdings and its executives were able to raise over $466 million in proceeds from innocent shareholders.
When the truth was allegedly revealed on August 2, 2018, FND stock declined precipitously, falling over 21% to just $37.50 per share on August 3. The class action seeks to recover this loss for shareholders who purchased during the Class Period.
Franklin D. Azar & Associates of Denver, Colorado, has secured more than $1.5 Billion on behalf of clients in state and federal courts. The firm's extensive class action experience and resources make it a leader in securities litigation. More information about Franklin D. Azar and Associates may be found online at https://fdazar.com/.
SOURCE Franklin D. Azar & Associates, P.C.