WILMINGTON, Del., Aug. 17, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Flowers Foods, Inc. (NYSE:FLO)?
- Did you purchase your shares between February 7, 2013 and August 10, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Flowers Foods, Inc. (“Flowers” or the “Company”) (NYSE:FLO) between February 7, 2013 and August 10, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Flowers during the Class Period, or purchased shares prior to the Class Period and still hold Flowers, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/flowers-foods-inc-flo.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) that the Company was improperly classifying employees as independent contractors; (2) that the misclassification exposed the Company to legal liability and/or negative regulatory action; (3) that proper classification would have a negative impact on the Company’s operations; and (4) that, as a result of the foregoing, Defendants’ statements about Flower Foods’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on August 10, 2016, Flowers disclosed in a Current Report filed with the SEC that the U.S. Department of Labor notified the Company that it was scheduled for a compliance review under the Fair Labor Standards Act. The Company further stated that it intended to cooperate with the Department, and that because the review process was confidential, it would not comment further at that time.
Then, after the market closed on August 10, 2016, the Company issued a press release announcing Q2 2016 financial results. Therein, the Company announced revenue of $935 million, which fell below the Wall Street projection of $949 million. In the press release, the Company also disclosed that it was lowering its 2016 guidance.
On this news, shares of Flowers dropped over 7%, closing at $14.95 per share on August 11, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than October 11, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Attorney advertising. Prior results do not guarantee a similar outcome.