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Flex Ltd.

Case Summary

Flex Ltd. Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 07/27/2020 (Date of last review)

Filing Date: May 08, 2018

According to the Complaint, Flex 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.

Company & Securities Information

Defendant: Flex Ltd.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Hardware
Headquarters: Singapore

SECURITIES INFORMATION:

Ticker Symbol: FLEX
Company Market: NASDAQ
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

David Kipling, et al. v. Flex Ltd., et al.

COURT: N.D. California
DOCKET #: 18-CV-02706
JUDGE: Hon. Lucy H. Koh
DATE FILED: 05/08/2018
CLASS PERIOD START: 01/26/2017
CLASS PERIOD END: 04/26/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
  2. Law Offices of Howard G. Smith
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Complaint for Violations of the Federal Securities Laws 05/08/2018
2 U.S. District Court Civil Docket 10/01/2018
3 Order Granting Plaintiff Bristol County's Motion for Appointment as Lead Plaintiff and Approval of Selection of Lead Counsel 10/01/2018

Reference Complaint

National Elevator Industry Pension Fund, et al. v. Flex Ltd., et al.

COURT: N.D. California
DOCKET #: 18-CV-02706
JUDGE: Hon. Lucy H. Koh
DATE FILED: 06/29/2020
CLASS PERIOD START: 02/15/2017
CLASS PERIOD END: 10/25/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Labaton Sucharow LLP
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Amended Class Action Complaint for Violations of the Federal Securities Laws 11/28/2018
2 Order Vacating Appointment of Lead Plaintiff and Lead Counsel; Directing Bristol to Publish Notice of Amended Complaint; Denying as Moot Motion to Intervene and Motion for Leave to File a Second Amended Complaint 04/03/2019
3 Order Appointing Lead Plaintiff and Lead Counsel 09/26/2019
4 Consolidated Class Action Complaint for Violations of the Federal Securities Laws 11/08/2019
5 Order Granting Defendants' Motion to Dismiss without Prejudice 05/29/2020
6 U.S. District Court Civil Docket 06/29/2020
7 Amended Consolidated Class Action Complaint for Violations of the Federal Securities Laws 06/29/2020

Related District Court Filings

—Related District Court Filings Data is not available
 
 

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