BOSTON, April 5, 2019 /CNW/ -- Thornton Law Firm LLP, a leader in sophisticated securities and investor protection litigation, announces that it has filed an Amended Complaint against Flex Ltd. and certain of its senior executives (the "Complaint"). The Complaint, captioned Kipling v. Flex Ltd., et al, No. 18-cv-2706-LHK (N.D. Cal.), asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and U.S. Securities and Exchange Commission Rule 10b-5, on behalf of all persons or entities that purchased Flex's publicly traded common stock and exchange-traded options between January 26, 2017 and October 25, 2018, inclusive (the "Class Period").
As a result of the detailed and comprehensive investigation conducted by the Thornton Law Firm and its co-counsel, the Complaint expands the class period and claims asserted in the action originally. The Court appointed the Bristol County Retirement System as Lead Plaintiff and the Thornton Law Firm LLP as Co-Lead Counsel on October 12, 2018. Due to the expanded complaint, by order dated April 3, 2019, the Court ordered republication of the lead plaintiff notice. Investors wishing to serve as Lead Plaintiff in the securities action pending against Flex are required to file a motion for appointment as Lead Plaintiff, no later than 60 days from this April 5, 2019 notice (no later than June 4, 2019).
If you purchased or acquired Flex common stock or exchange-traded options during the Class Period of January 26, 2017 to October 25, 2018, you are a member of the "Class" and are eligible to seek appointment as Lead Plaintiff. Lead Plaintiff motion papers must be filed with the U.S. District Court for the Northern District of California no later than June 4, 2019.
If you have any questions about this lawsuit, or would like to consider serving as Lead Plaintiff, please contact Guillaume Buell, Esq. of Thornton Law Firm, at (617) 531-3933, or Garrett Bradley, Esq., at (617) 531-3945 or via email at [email protected].
The Complaint alleges that Defendants (Flex, Michael McNamara, Christopher Collier, Michael Dennison, and Kevin Kessel) made false and misleading statements regarding (1) the Company's internal controls over financial reporting, including those related to customer contracts, and (2) the Company's contract with Nike to automate sneaker manufacturing. By the end of the Class Period on October 25, 2018, Defendants fully disclosed the truth concerning Flex's internal controls and the Nike contract. That same day, Defendant McNamara abruptly retired. As a result of Defendants' alleged misstatements and omissions, Flex's stock fell from $15.29 on January 26, 2017, to $7.09 on October 26, 2018.
The Lead Plaintiff is a court-appointed representative for absent members of the Class. You may retain counsel of your choice to represent you in this action. You do not need to seek appointment as Lead Plaintiff to share in any Class recovery in this action. If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member.
SOURCE Thornton Law Firm LLP