The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Flex Ltd. (NASDAQ: FLEX) who purchased shares between January 26, 2017 and October 25, 2018. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the Flex lawsuit alleges that Defendants consistently assured the market that (1) the Company’s internal controls over financial reporting, including those related to customer contracts, were adequate and proper, and (2) the most crucial contract in the Company’s pipeline, a massive and very expensive contract with Nike to automate sneaker manufacturing, was repeatedly hitting key milestones while timely proceeding on a steady trajectory to profitability. Defendants failed to disclose or warn the market of material facts showing that the Nike contract was failing operationally and not commercially viable, instead pointing to purported accomplishments and a timely trajectory to breaking even
Shareholders have until June 4, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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