Foot Locker Inc (NYSE: FL) Investor Securities Class Action Lawsuit 03/09/2018

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Company Name(s): 
Foot Locker
Case Name: 
Foot Locker Shareholder Class Action Lawsuit 03/09/2018
Case Status: 
Lawsuit Filed
Case Status: 
Case Dismissed
Affected Securities
NYSE: FL
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/09/2018
Class Period Begin: 
08/19/2016
Class Period End: 
08/17/2017
Court of Filing: 
U.S. District Court for the Eastern District of New York
Deadline To File for Lead: 
05/08/2018
Summary: 

October 1, 2019 - The case was dismissed.

August 24, 2018, A second amended complaint was filed.

June 25, 2018 - Lead plaintiff and lead counsel were appointed.

May 8, 2018 - Lead plaintiff motions were filed.

May 3, 2018 - The plaintiff filed an amended complaint.

March 9, 2018 - An investor in shares of Foot Locker Inc (NYSE: FL) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Foot Locker Inc in connection with certain allegedly false and misleading statements made between August 19, 2016 and August 17, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Foot Locker Inc (NYSE: FL) common shares between August 19, 2016 and August 17, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 19, 2016 and August 17, 2017, the defendants made materially false and misleading statements and/or failed to disclose material adverse information regarding Foot Locker Inc’s business and prospects, including that Foot Locker Inc’s vendors were transitioning to selling through various online retailers, diminishing the utility of Foot Locker Inc’s large number of brick and mortar stores and the once-high value of its exclusivity relationships with those vendors, and that competition with online retailers had increased the pricing competition Foot Locker Inc faced while also materially lowering the demand at Foot Locker Inc stores. As a result of defendants’ failure to disclose this adverse information, the price of Foot Locker Inc stock was artificially inflated to as high as $79.20 per share during the Class Period and Foot Locker Inc senior executives, including the individuals defendants, were able to sell over 192,000 shares of their personally held Foot Locker stock at artificially inflated prices for gross proceeds of $13.3 million.

Shares of Foot Locker Inc (NYSE: FL) increased from $53.11 per share in June 2016 to as high as $78.10 per share in late 2016.

On February 24, 2017, New York based Foot Locker Inc reported its financial results for its fourth quarter and full year ended January 28, 2017. Foot Locker Inc reported that its Total Revenue rose from over $7.41 billion for the 52 weeks period that ended on January 30, 2016 to over $7.76 billion for the 52 weeks period that ended on January 28, 2017 and that its Net Income over those time periods increased from $541 million to $664 million.

On August 18, 2017, Foot Locker Inc announced disappointing second quarter 2017 financial results, including a 6% decline in quarterly same-store sales year-over-year, which resulted in a substantial revenue miss. Foot Locker Inc also stated that it would close approximately 130 stores, more than the 100 stores it had previously announced it would close. During a conference call held with investors and analysts that morning, the Company said it expected weaker sales for the remainder of fiscal 2017.

Shares of Foot Locker Inc (NYSE: FL) declined from $77.34 per share in April 2017 to as low as $29.24 per share in November 2017.

On March 2, 2017, Foot Locker Inc reported its financial results for its fourth quarter and fully year. Foot Locker Inc reported that its Total Revenue rose from over $7.76 billion for the 52 weeks period that ended on January 28, 2017 to over $7.78 billion for the 53 weeks period that ended on February 3, 2018 and that its Net Income over those time periods declined from $664 million to $383 million.