Investor Alert: Peiffer Wolf Carr & Kane Law Firm Announces an Investigation Of Potential Securities Claims on Behalf of Investors of FTD Companies, Inc. (NASDAQ: FTD)
Peiffer Wolf Carr & Kane is investigating potential claims on behalf of purchasers of FTD Companies, Inc. (NASDAQ: FTD) common stock or securities who allege that the company’s share price was inflated as a result of accounting errors. In particular, the Firm’s investigation concerns reported errors relating to cross-border indirect taxes and whether FTD and certain of its executive officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
To obtain more information about the investigation of FTD, investors are encouraged to contact Jason Kane or James Booker toll free at (585) 310-5140 or by email at firstname.lastname@example.org, or by filling out the contact form on our website, www.securitieslitigators.com.
On March 14, 2017, FTD reported a net loss of $86.4 million in its fourth quarter ended December 31, 2016, and announced that as a result of an incorrect assessment of certain cross-border indirect taxes, the company would need to restate its previously issued consolidated financial statements for the years ended December 31, 2015 and 2014 and for the quarters within the years ended December 31, 2016 and 2015.
FTD further reported that “the aggregate impact of correcting these prior period errors all within the year ended December 31, 2016 would have been material to the company’s current year consolidated financial statements.” Further, the cumulative effect of the changes to retained earnings as of January 1, 2014, the earliest date presented in the consolidated financial statements for the year ended December 31, 2016, was a reduction of $12.4 million. On this news, the company’s share price fell $5.54, or 23.69%, to close at $17.85 on March 15, 2017. The announcement may be accessed here.
What Investors Can Do
If you are an FTD investor and wish to obtain additional information about the lawsuit or would like to discuss this matter or your rights, please visit www.securitieslitigators.com and complete the contact form, or contact Jason Kane or James Booker toll free at (585) 310-5140 or by e-mail at email@example.com.
The Peiffer Wolf Carr & Kane Abdullah Carr & Kane law firm (“Peiffer Wolf Carr & Kane”) represents individual and institutional investors who have suffered financial losses as a result of investment fraud or misconduct, Ponzi schemes, unsuitable investment recommendations, or abusive practices in the financial industry.
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