Oklahoma City, OK (March 13, 2018) – On March 9, 2018, a securities class action lawsuit was filed in the United States District Court for the Eastern District of New York against Foot Locker, Inc. (NYSE: FL). 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 August 19, 2016 through August 17, 2017. More specifically, this litigation was filed because 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.

On August 18, 2017, Foot Locker announced poor second quarter 2017 financial results, including a 6% decline in quarterly same-store sales year-over-year. In addition, Foot Locker disclosed that it would close approximately 130 stores, which was up from 100 it had previously stated it would close. Finally, on the Q2 2017 conference call with investors and analysts, Foot Locker revealed that it expected weaker sales for the remainder of fiscal year 2017.

On this news, Foot Locker’s shared declined to close at $34.38 on August 18, 2017.

Plaintiff seeks to recover damages on behalf of all Foot Locker, Inc. 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 Tuesday, May 8, 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.

To join this class action, click here to obtain an investor certification. Once complete, please email this form to rkh@federmanlaw.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.