On or around 01/07/2019 (Ongoing date of last review)
Filing Date: March 09, 2018
Foot Locker is an athletic shoe and apparel retailer.
According to the law firm press release, the complaint alleges that during the Class Period, Defendants made materially false and misleading statements and/or failed to disclose material adverse information regarding Foot Locker’s business and prospects, including that 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 once-high value of its exclusivity relationships with those vendors, and that competition with online retailers had increased the pricing competition Foot Locker faced while also materially lowering the demand at Foot Locker stores. As a result of defendants’ failure to disclose this adverse information, the price of Foot Locker stock was artificially inflated to as high as $79.20 per share during the Class Period and Foot Locker 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.
Plaintiff filed an amended Complaint on May 3, 2018. On June 25, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a second amended Complaint on August 24.
Company & Securities Information
Defendant: Foot Locker, Inc.
Sector: Consumer Cyclical
Headquarters: United States
Ticker Symbol: FL
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.
First Identified Complaint
City of Warren Police and Fire Retirement System, et al. v. Foot Locker, Inc., et al.