The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Foot Locker, Inc. (NYSE: FL) who purchased shares between August 19, 2016 and August 17, 2017. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the FL lawsuit alleges that (1) Foot Locker's vendors were transitioning to selling through various online retailers, diminishing the utility of Foot Locker's large number of brick and mortar stores and the value of its exclusivity relationships with those vendors; (2) competition with online retailers had increased the pricing competition Foot Locker faced while also materially lowering the demand at Foot Locker stores; and (3) as a result of defendants' failure to disclose this information, Foot Locker stock was artificially inflated to a high of $79.20 per share during the Class Period, while executives were able to sell over 192,000 shares of their personally held Foot Locker stock at artificially inflated prices.
Shareholders have until May 8, 2018 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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