According to the Complaint, Flex Ltd. purportedly provides design, engineering, manufacturing, and supply chain
services and solutions.

On May 8, 2018, Plaintiff's law firm issued a press release announcing the filing of the lawsuit. According to the law firm press release, on April 26, 2018, Flex issued a press release disclosing allegations by a former employee that the Company improperly accounted for obligations in a customer contract and certain related reserves. The Company further announced that its Audit Committee was undertaking an investigation of the matter with the assistance of independent outside counsel. On this news, Flex’s share price fell $3.61, or 21.7%, to close at $13.03 per share on April 27, 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: (1) that the Company’s internal controls over financial reporting were materially weak and deficient; (2) that the Company had improperly accounted for obligations in a customer contract and certain related reserves; and, (3) that, as a result of the foregoing, the Company’s financial statements and Defendants’ statements about Flex’s business, operations, and prospects were materially false and misleading at all relevant times.

On October 1, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on November 28, 2018. On April 3, 2019, the Court vacated its Order of October 1, 2018 and reopened the Lead Plaintiff appointment process. The Court issued an Order appointing Lead Plaintiff and Counsel on September 26. Lead Plaintiff filed a consolidated Complaint on November 8. Defendants filed a Motion to Dismiss the consolidated Complaint on December 4. On May 29, 2020, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiff was given leave to amend the Complaint. On June 29, Lead Plaintiff filed an amended consolidated Complaint. Defendants filed a Motion to Dismiss the amended consolidated Complaint on July 27. On December 10, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice. Lead Plaintiff filed a notice appealing the Court's Dismissal Order on January 7, 2021. On December 21, the Court of Appeals affirmed the District Court's ruling.