According to the Complaint, Floor & Decor describes itself as a high-growth differentiated multichannel specialty retailer of hard surface flooring and related accessories, with warehouse-format stores across 21 states.

The Complaint alleges that during the Class Period, Defendants made false and misleading statements and/or failed to disclose adverse information regarding Floor & Decor’s business and prospects. Specifically, the Complaint alleges that each of the statements in the Registration Statement filed with the SEC regarding the current financial condition of the Company was materially false and misleading because, prior to the May 24 Secondary Offering, Defendants knew, but failed to disclose, that the Company had already begun to experience declining sales trends that would ultimately result in the reduction of its fiscal 2018 sales and adjusted earnings per share guidance, which had been increased as recently as May 2018.