||United States District Court for the Northern District of California
||The Hon. Lucy Haeran Koh
||Between February 15, 2017 and October 25, 2018
On May 8, 2018, the initial complaint in this securities class action was filed against Flex Ltd. (“Flex” or the “Company”), and certain of Flex’s directors and officers, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act.
The complaint alleged that the defendants made a series of misrepresentations concerning the status and profitability of its Nike contract, in which the defendants misled investors concerning the contract’s ability to breakeven at the end of fiscal year 2018 and subsequently, following the failure to breakeven, that the contract would get to profitability in the second half of fiscal year 2019. The complaint further alleged that the defendants intentionally omitting crucial details about the problems the Company was experiencing at the Guadalajara factory and that the project was not on the linear track to profitability.
This securities class action lawsuit was brought on behalf of all persons and entities who purchased publicly traded common stock of Flex during the period from February 15, 2017 to October 25, 2018, inclusive.
Current Status of Case:
On May 29, 2020, the Court issued an Order granting the defendants' motion to dismiss the operative complaint. The lead plaintiff was given leave to amend the complaint. On June 29, 2020, the lead plaintiff filed an Amended Consolidated Class Action Complaint. The defendants filed their Motion to Dismiss the Amended Consolidated Class Action Complaint on July 27, 2020. The motion to dismiss is fully briefed by the parties, pending the Court’s decision. This action is still ongoing.
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