Floor & Decor Holdings, Inc.
|Company Name||Floor & Decor Holdings, Inc.|
|Class Period||May 23, 2018 to August 01, 2018|
|Lead Plaintiff Motion Deadline||July 19, 2019|
On August 2, 2018, the Company reported lower-than-expected revenue for second quarter 2018 and reduced its sales and earnings per share guidance for fiscal year 2018, citing sales shift to lower margin products such as laminate flooring.
On this news, the Company’s share price fell $8.18, nearly 17%, to close at $39.53 per share on August 2, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that, prior to the May 24, 2018 Secondary Offering, the Company had begun to experience declining sales trends; (2) that, as a result, the Company was likely to reduce its fiscal 2018 sales and adjusted EPS guidance, which had been increased as recently as May 2018; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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