NEW YORK, March 20, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against FTD Companies, Inc. ("FTD" or the "Company") (NASDAQ: FTD) and certain of its officers, and is on behalf of purchasers of FTD securities between March 13, 2015 and March 14, 2017, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/ftd.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) FTD's financial statements contained errors relating to the assessment of cross-border indirect taxes; (2) as a result, FTD lacked effective internal controls over financial reporting; (3) FTD had overstated the benefits of the Provide acquisition; and (4) consequently, FTD's public statements were materially false and misleading at all relevant times.
On March 14, 2017, after-market hours, FTD revealed its disappointing financial results for the quarter and year ended December 31, 2016. FTD said in part, that its net loss for the quarter was "primarily due to goodwill impairment charges related to the Provide Commerce segment of $84.0 million". FTD also said that due to identified errors, it will restate previously reported consolidated financial statements for the years ended December 31, 2015 and 2014 and for the quarters in the years ended December 31, 2015 and 2016. Following this news, FTD stock dropped $5.54, or 23.69%, to close at $17.85 on March 15, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/ftd or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in FTD you have until May 19, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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