The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of FleetCor Technologies, Inc. (NYSE: FLT) who purchased shares between February 5, 2016 and May 2, 2017. The action, which was filed in the United States District Court for the District of Georgia, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (1) the Company misled investors regarding the sources of and reasons for its earnings and growth; (2) the Company falsely stated that it clearly discloses its fees to customers and that its business is focused on helping employers control spending and save money. On March 1, 2017, Capitol Forum published an article describing how FleetCor's business model relies on overcharging customers and padding fee income through late fees even when customers pay on time. Then on April 4, 2017, Citron issued a report accusing FleetCor of being a "predatory company by design, whose core strategy is to methodically rip off its customers..." Then on April 27, 2017, Citron released another report explaining that FleetCor had allegedly developed a scheme to categorize its customers based on the level of improper fees the Company could charge without customer complaint.
Shareholders have until August 14, 2017 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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