The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of investors who purchased Foot Locker, Inc. (NYSE: FL) securities between August 19, 2016 and August 17, 2017.
According to the FL lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Foot Locker's vendors were transitioning to selling through various online retailers, diminishing the utility of Foot Locker's large number of brick and mortar stores and the value of its exclusivity relationships with those vendors; (2) competition with online retailers had increased the pricing competition Foot Locker faced while also materially lowering the demand at Foot Locker stores; and (3) as a result of defendants' failure to disclose this information, Foot Locker stock was artificially inflated to a high of $79.20 per share during the Class Period, while executives were able to sell over 192,000 shares of their personally held Foot Locker stock at artificially inflated prices.
If you suffered a loss in Foot Locker, Inc. you have until May 8, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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