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Oklahoma City, OK (May 10, 2018) – On May 8, 2018, a securities class action lawsuit was filed in the United States District Court for the Northern District of California against Flex Ltd. (NASDAQ: FLEX). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is January 26, 2017 through April 26, 2018. More specifically, the complaint alleges that Flex and certain of its senior executive officers made false and misleading statements and/or failed to disclose to investors that: (i) the Company’s internal controls over financial reporting were materially weak and deficient; and (ii) the Company had improperly accounted for obligations in a customer contract and certain related reserves. The complaint further alleges that, as a result of the foregoing, investors purchased Flex’s securities at artificially inflated prices during the Class Period and sustained investment losses following the Company’s April 26, 2018 disclosure.
On April 26, 2018, Flex issued a press release disclosing, among other things, that “the Audit Committee of the Company’s Board of Directors, with the assistance of independent outside counsel, is undertaking an independent investigation of allegations made by an employee including that the Company improperly accounted for obligations in a customer contract and certain related reserves.”
Following this news, shares of the Company’s stock declined $3.61 per share, to close on April 27, 2018 at $13.03, on heavy trading volume.
Plaintiff seeks to recover damages on behalf of all Flex Ltd. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, July 9, 2018 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.