NEW YORK, March 28, 2017 /PRNewswire/ -- Kaplan Fox
& Kilsheimer LLP (www.kaplanfox.com) is investigating claims on
behalf of investors of FTD Companies, Inc. ("FTD" or the "Company")
(NASDAQ: FTD).
A class action complaint has been filed in the United States
District Court, Northern District of Illinois against FTD and certain officers of
the Company on behalf of purchasers of FTD's securities between
March 13, 2015 and March 14, 2017, inclusive (the "Class"), alleging
violations of the Securities Exchange Act of 1934.
The complaint alleges that FTD and certain of its officers made
a series of materially false and misleading statements to investors
during the Class Period. Specifically, the defendants
are alleged to have made materially false and misleading statements
and/or failed to disclose that: (i) FTD's financial statements
contained errors relating to the assessment of cross-border
indirect taxes; (ii) in turn, the Company lacked effective internal
controls over financial reporting; (iii) FTD had overstated the
benefits of the Provide acquisition; and (iv) as a result of the
foregoing, FTD's public statements were materially false and
misleading at all relevant times.
On March 14, 2017, FTD announced
that it would restate its previously issued consolidated financial
statements for the years ended December 31,
2015 and 2014 and for the quarters in the years ended
December 31, 2015 and 2016 due to
errors relating to "the assessment of cross-border indirect
taxes." Additionally, the Company announced a net loss for
the fourth quarter of 2016, "primarily due to goodwill impairment
charges related to the Provide Commerce segment of $84.0 million."
According to the complaint, upon the release of the after-hours
news on March 14, 2017, the price of
FTD common stock fell $5.54 per
share, or 23.69% to close at $17.85
per share on March 15, 2017.
If you are a member of the proposed Class, you may move the
court no later than May 19, 2017 to
serve as a lead plaintiff for the purported class. You need
not seek to become a lead plaintiff in order to share in any
possible recovery. If you would like to discuss the complaint
or our investigation, please contact us by emailing
pmayer@kaplanfox.com or by calling 800-290-1952.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP,
with offices in New York,
San Francisco, Los Angeles, Chicago and New
Jersey, has many years of experience in prosecuting investor
class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit
our website at www.kaplanfox.com. If you have any questions
about this Notice, the action, your rights, or your interests,
please contact:
Jason A. Uris
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: juris@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California
94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
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SOURCE Kaplan Fox &
Kilsheimer LLP