AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Robbins Arroyo LLP: Flex Ltd. (FLEX) Class Action Accuses Flex of Misleading Shareholders

April 12, 2019

SAN DIEGO & SINGAPORE--(BUSINESS WIRE)--Apr 12, 2019--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Flex Ltd. (NasdaqGS: FLEX) amended their class action against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between January 26, 2017 and October 25, 2018. Flex provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide.

View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/flex-ltd-apr-19/

Flex Accused of Misrepresenting Execution of Customer Contracts

According to the complaint, Flex repeatedly assured investors that the company’s internal controls over financial reporting were adequate and proper, and that its most crucial contract – to automate Nike’s manufacturing process – was hitting key milestones while timely proceeding on a steady trajectory to profitability. On April 26, 2018, Flex announced that a whistleblower had forced it to disclose weaknesses in internal controls relating to its customer contracts and that it was having operation issues with the Nike contract. Notwithstanding, defendants continued to reassure the public that its Nike contract would ultimately be profitable. Then, on October 25, 2018, Flex announced it was immediately winding down its Nike operations because it was not commercially viable. The complaint contends that as a result of Flex’s misstatements, the company’s stock lost half its value, falling to just $7.09 on October 26, 2018.

Flex Shareholders Have Legal Options

If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.

Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.

Attorney Advertising. Past results do not guarantee a similar outcome.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190412005480/en/

CONTACT: Leonid Kandinov

Robbins Arroyo LLP

5040 Shoreham Place

San Diego, CA 92122

LKandinov@robbinsarroyo.com

(619) 525-3990 or Toll Free (800) 350-6003

www.robbinsarroyo.com

KEYWORD: UNITED STATES ASIA PACIFIC NORTH AMERICA CALIFORNIA SINGAPORE

INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL

SOURCE: Robbins Arroyo LLP

Copyright Business Wire 2019.

PUB: 04/12/2019 05:19 PM/DISC: 04/12/2019 05:19 PM

http://www.businesswire.com/news/home/20190412005480/en