| COMPANY |
Flex Ltd. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
18-cv-02706 |
| JUDGE |
The Hon. Lucy Haeran Koh |
| CLASS PERIOD |
February 15, 2017 - October 25, 2018 |
| SECURITY TYPE |
Common Stock |
Case Background:
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. This is a federal securities class action lawsuit brought on behalf of all persons and entities who purchased or otherwise acquired Flex securities from February 15, 2017 through October 25, 2018, both dates inclusive (the “Class Period”).
The complaint alleges Defendants made a series of misrepresentations concerning the status and profitability of its Nike contract, in which they misled investors concerning the contract’s ability to breakeven at the end of FY 2018. Subsequently, Defendants failed to disclose that, following the failure to breakeven, that the contract would get to profitability in the second half of FY 2019, while 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.
Current Status of Case:
On May 29, 2020, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiff was given permission to amend the complaint. On June 29, 2020, Lead Plaintiff filed an amended consolidated complaint (the “Amended Complaint”). Defendants filed a Motion to Dismiss the Amended Complaint on July 27, 2020. On December 10, 2020, the Court issued an Order granting Defendants’ Motion to Dismiss with prejudice. On January 7, 2021, Lead Plaintiff filed an appeal to the United States Court of Appeals for the Ninth Circuit. On December 21, 2021, the Court of Appeals for the Ninth Circuit affirmed the District Court’s decision to dismiss the action. This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.