Floor & Decor Holdings Inc.
Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of shareholders of Floor & Decor Holdings Inc., (NYSE: FND) May 23, 2018 and August 1, 2018, inclusive (the “Class Period”).
If you purchased shares of Floor & Decor Holdings Inc., between May 23, 2018 and August 1, 2018, and would like to join the action, please click “Join Class Action” above.
New York, New York—Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of shareholders of Floor & Decor Holdings Inc., (“Floor & Decor,” “FND” or the “Company”) (NYSE: FND) May 23, 2018 and August 1, 2018, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of Georgia to recover damages for Cloudera investors under the Securities Exchange Act of 1934.
According to the lawsuit, throughout the Class Period, Defendants failed to disclose that adverse information regarding Floor & Decor’s business and prospects. Specifically, each of the statements in the Registration Statement filed with the SEC regarding the current financial condition of the Company was materially false and misleading because, prior to the May 24 Secondary Offering, defendants knew, but failed to disclose, that the Company had already begun to experience declining sales trends that would ultimately result in the reduction of its fiscal 2018 sales and adjusted earnings per share guidance, which had been increased as recently as May 2018.
Then on August 2, 2018, before the market opened, Floor & Decor announced its financial results for the second quarter of 2018. The second quarter results were in sharp contrast to the assurances made on May 3, 2018 about the strength of the Company’s business and its continuing growth trajectory for the remainder of 2018. As a result of these disclosures and the significant reduction in the Company’s fiscal year 2018 sales and earnings per share guidance, Floor & Decor’s stock price declined more than 21%, from a close of $47.71 per share on August 1, 2018 to a close of $37.50 per share on August 3, 2018.
If you wish to serve as lead plaintiff in the class action, you must move the court no later than July 19, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Matthew E. Guarnero
Bernstein Liebhard LLP