Hagens Berman Sobol Shapiro LLP reminds investors in Foot Locker, Inc. (NYSE: FL) of the May 8, 2018 Lead Plaintiff deadline in the securities class action pending the U.S. District Court for the Eastern District of New York.
If you purchased or otherwise acquired shares of FL between August 19, 2016 and August 17, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing FL@hbsslaw.com.
On August 18, 2017, Defendants announced Foot Locker’s financial results for the quarter ended July 29, 2017. They reported a 4.4% year-over-year decline in revenues, a decline in same store sales of 6%, profits well below prior guidance, and an increase in planned store closings.
This news drove the price of Foot Locker shares down $13.32, or about 28%, to close at $34.38 on August 18, 2017.
During the class period – August 19, 2016 through August 17, 2017 – senior executives and directors sold about $13.38 million of their Foot Locker shares.
“Foot Locker investors have suffered enormous losses,” said Hagens Berman partner Reed Kathrein. “We’re focused on Defendants’ previous statements about Foot Locker’s business that appear to have been contradicted by their August 18 earnings announcement.”
Whistleblowers: Persons with non-public information regarding Foot Locker should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email FL@hbsslaw.com.