Case Page

 

Case Status:    ONGOING    
On or around 06/16/2017 (Ongoing date of last review)

Filing Date: August 12, 2016

According to the law firm press release, on August 10, 2016, Flowers Foods disclosed in a Current Report filed with the SEC that the U.S. Department of Labor notified Flowers Foods that the Company was scheduled for a compliance review under the Fair Labor Standards Act. The Company further stated that it intended to cooperate with the Department, and that because the review process was confidential, Flowers Foods would not comment further at that time. On this news, Flowers Foods’ stock price fell $1.60 per share, or 9%, to close at $16.15 per share on August 10, 2016, on unusually heavy trading volume.

Then, after the market closed on August 10, 2016, the Company issued a press release announcing Q2 2016 financial results. Therein, the Company announced disappointing financial results for the quarter, and that it was lowering its 2016 guidance. On this news, Flowers Foods’ stock price fell $1.20 per share, or 7.4%, to close at $14.95 per share on August 11, 2016, on unusually heavy trading volume.

The complaint charges Flowers Foods and certain of its officers with violations of the federal securities laws. Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was improperly classifying employees as independent contractors; (2) that the misclassification exposed the Company to legal liability and/or negative regulatory action; (3) that proper classification would have a negative impact on the Company’s operations; and (4) that, as a result of the foregoing, Defendants’ statements about Flowers Foods’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On October 21, 2016, the Court issued an Order appointing Lead Plaintiff and Counsel.

On November 21, 2016, this case was transferred to the Middle District of Georgia.

A consolidated complaint was filed on January 12, 2017.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Food Processing
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FLO
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: M.D. Georgia
DOCKET #: 16-CV-06417
JUDGE:
DATE FILED: 08/12/2016
CLASS PERIOD START: 02/07/2013
CLASS PERIOD END: 08/10/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
No Document Title Filing Date
COURT: M.D. Georgia
DOCKET #: 16-CV-00222
JUDGE:
DATE FILED: 01/12/2017
CLASS PERIOD START: 02/07/2013
CLASS PERIOD END: 08/10/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
  2. Johnson & Weaver, LLP (Marietta)
    40 Powder Springs Street, Johnson & Weaver, LLP (Marietta), GA 30064
    770/200-3104 770/200-3101 ·
No Document Title Filing Date