FTD investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, FTD is a floral and gifting company. The company provides floral, gift and related products and services to consumers, retail florists, and other retail locations primarily in the U.S., Canada, the U.K., and the Republic of Ireland. In December 2014, FTD announced the closing of its acquisition of Provide Commerce (“Provide”), a floral and gifting business.
The Class Period commences on March 13, 2015, when FTD filed an annual report on Form 10-K with the SEC, announcing the company’s financial and operating results for the quarter and fiscal year ended December 31, 2014.
According to the complaint, on March 14, 2017, post-market, FTD issued a press release and filed a Current Report on Form 8-K with the SEC, entitled “FTD Companies, Inc. Announces Fourth Quarter and Full Year 2016 Financial Results,” announcing certain of the company’s financial and operating results for the quarter and year ended December 31, 2016. FTD also announced, in part, that, due to identified errors, the company 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’s share price fell $5.54, or 23.69%, to close at $17.85 on March 15, 2017.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) FTD’s financial statements contained errors relating to the assessment of cross-border indirect taxes; (ii) in turn, the company lacked effective internal controls over financial reporting; (iii) FTD had overstated the benefits of the Provide acquisition; and (iv) as a result of the foregoing, FTD’s public statements were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than May 19, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
Kessler Topaz Meltzer & Check, LLP
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