FleetCor Technologies Inc (NYSE: FLT) Investor Securities Class Action Lawsuit 06/14/2017

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Company Name(s): 
FleetCor Technologies
Case Name: 
FleetCor Technologies Shareholder Class Action Lawsuit 06/14/2017
Case Status: 
Settlement Proposed
Affected Securities
NYSE: FLT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/14/2017
Class Period Begin: 
02/04/2016
Class Period End: 
05/03/2017
Court of Filing: 
U.S. District Court for the Northern District of Georgia
Deadline To File for Lead: 
08/14/2017
Date Settled: 
12/12/2019
Settlement Amount: 
$50,000,000
Deadline to Participate in Settlement: 
05/13/2020
Summary: 

December 12, 2019 - The court preliminarily approved the settlement.

November 07, 2019 - Parties filed a stipulation of settlement.

May 15, 2018 - The court granted in part and denied in part defendants' motion to dismiss.

November 27, 2017 - Defendants filed a motion to dismiss.

October 13, 2017 - The lead plaintiff filed an amended complaint on behalf of investors who purchased FleetCor Technologies Inc (NYSE: FLT) common shares between February 4, 2016 and May 3, 2017. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 4, 2016 and May 3, 2017.

August 25, 2017 - Lead plaintiff and lead counsel were appointed.

August 15, 2017 - Lead plaintiff motions were filed.

June 14, 2017 - An investor in shares of FleetCor Technologies Inc (NYSE: FLT) filed a lawsuit in the U.S. District Court for the Northern District of Georgia over alleged violations of Federal Securities Laws by FleetCor Technologies Inc in connection with certain allegedly false and misleading statements made between February 5, 2016 and May 2, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of FleetCor Technologies Inc (NYSE: FLT) common shares between February 5, 2016 and May 2, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 5, 2016 and May 2, 2017 FleetCor Technologies Inc misled investors with regard to the sources of and reasons for its earnings and growth and that FleetCor Technologies Inc falsely stated that FleetCor Technologies Inc discloses its fees to customers clearly and that it focuses its business on helping employers control spending and save money, while the Company in reality owes its ostensible success to overcharging customers, disseminating misleading marketing materials, and engaging in predatory sales practices, and that FleetCor Technologies Inc's contracts did not clearly disclose the Company's fees and FleetCor Technologies Inc's improper business practices did not help customers control spending or save money.

FleetCor Technologies Inc reported that its annual Total Revenue rose over $1.7 billion in 2015 to over $1.83 billion in 2016 and that its Net Income increased from $362.43 million in 2015 to $452.38 million in 2016. Shares of FleetCor Technologies Inc (NYSE: FLT) reached in 2016 as high as $173.70 per share.

On May 1, 2017 FleetCor Technologies Inc reported its first quarter 2017 financial results and issued its fiscal-year 2017 outlook. Shares of FleetCor Technologies Inc (NYSE: FLT) declined on May 3, 2017 to $121.52 per share.

On June 15, 2017, NYSE: FLT shares closed at $144.51 per share.