BERWYN, Pa., March 21, 2017 /PRNewswire/ -- RM LAW, P.C. announces that a class action lawsuit has been filed in United States District Court for the Northern District of Illinois on behalf of all persons or entities that purchased FTD Companies, Inc. ("FTD" or the "Company") (NASDAQ: FTD) securities between March 13, 2015 and March 14, 2017, inclusive (the "Class Period").
FTD shareholders may, no later than May 19, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of FTD and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, visit: www.maniskas.com.
FTD provides floral and related gifts and products to consumers and retail florists primarily in the U.S., Canada, the U.K., and the Republic of Ireland. In December 2014, FTD announced the closing of a $430 million acquisition of "Provide Commerce," a floral and gifting business.
The shareholder class action complaint alleges that FTD and certain of its executive officers made a series of materially false and misleading statements to investors during the Class Period. Specifically, the defendants are alleged to have made materially false and misleading statements and/or failed to disclose that: (i) FTD's financial statements contained errors relating to the assessment of cross-border indirect taxes; (ii) in turn, the Company lacked effective internal controls over financial reporting; and (iii) FTD had overstated the benefits of the Provide Commerce acquisition. The complaint further alleges that, as a result of the foregoing, FTD's public statements were materially false and misleading at all relevant times.
On March 14, 2017, FTD reported its Fourth Quarter and Full Year 2016 financial and operational results. Therein, the Company disclosed a net loss for the Fourth Quarter "primarily due to goodwill impairment charges related to the Provide Commerce segment of $84.0 million." FTD also announced that it would restate its previously issued financial statements for Fiscal 2014 and Fiscal 2015 to correct certain errors.
Following this news, shares of FTD's stock declined $5.54 per share, or 23.7%, to close on March 15, 2017 at $17.85 per share.
If you are a member of the class, you may, no later than May 19, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact RM LAW, P.C. (Richard A. Maniskas, Esquire) toll-free at (844) 291-9299 or by email at firstname.lastname@example.org or visit: www.maniskas.com. For more information about class action cases in general or to learn more about RM LAW, P.C. please visit our website: www.maniskas.com.
RM LAW, P.C. is a national shareholder litigation firm. RM LAW, P.C. is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE RM LAW, P.C.