NEW YORK--(EON: Enhanced Online News)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of all persons or entities who purchased or otherwise acquired FTD Companies, Inc. (Nasdaq:FTD) securities between March 13, 2015 and March 14, 2017 (the “Class Period”). Investors have until May 19, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
“primarily due to goodwill impairment charges related to the Provide Commerce segment of $84.0 million.”
FTD is a floral and gifting company. In December 2014, FTD announced the closing of its acquisition of Provide Commerce (“Provide”), a floral and gifting business previously owned by Liberty Interactive Corporation.
On March 14, 2017, post-market, FTD revealed disappointing financial results for the quarter and year ended December 31, 2016. FTD determined that its net loss for the quarter was “primarily due to goodwill impairment charges related to the Provide Commerce segment of $84.0 million.” FTD also found errors relating to “the assessment of cross-border indirect taxes.” As a result, FTD will restate its previously-reported consolidated financial statements for the years ended December 31, 2014 and 2015 and for the quarters in the years ended December 31, 2015 and 2016.
Following this news, FTD’s share price fell $5.54, or 23.69%, to close at $17.85 on March 15, 2017.
If you purchased or otherwise acquired FTD securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Esq. by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the FTD lawsuit, please go to www.bespc.com/ftdcompanies. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.