NEW YORK, NY / ACCESSWIRE / August 18, 2017 / Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential misconduct at FleetCor Technologies, Inc. ("FleetCor" or the "Company") (NYSE: FLT).
The investigation focuses on whether the Company's Board of Directors and/or its officers committed mismanagement and breached their fiduciary duties by engaging in and/or permitting the Company to engage in predatory business and sales practices. On December 19, 2016, Chevron - FleetCor's largest U.S. partner - announced that it terminated its relationship with the Company and signed a long-term contract with FleetCor's competitor. On March 1, 2017, Capitol Forum published an article claiming that FleetCor overcharges customers using strategies that obscure the fees in transaction reports, as well as marketing materials.
Subsequently, on April 4, 2017, Citron Research published an investigative report accusing FleetCor of conducting predatory business and sales practices and alleging that FleetCor's conduct was the reason for Chevron's departure. On April 27, 2017, Citron Research published a follow up report claiming that FleetCor had developed an algorithm which ranked customers based on the level of extra fees the Company could charge without the customer complaining. Finally, on May 3, 2017, Citron Research published another report announcing that Chevron had filed a lawsuit against FleetCor claiming that FleetCor had obstructed Chevron's transition to its new supplier by denying access to its fuel card portfolio. As a result of the foregoing, FleetCor is currently facing a securities class action lawsuit.
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If you currently own Celadon stock and have continuously owned FleetCor stock since at least February 2016 and would like to discuss your legal rights, please visit www.faruqilaw.com/FLT. You can also contact us by calling Nina Varindani or Stuart Guber toll free at (212) 983-9330 or by sending an e-mail to nvarindani@faruqilaw.com or sguber@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding FleetCor's conduct to contact the firm, including whistleblowers, former employees, shareholders, and others.
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FARUQI & FARUQI, LLP
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Attn: Nina Varindani
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Telephone: (215) 277-5770
SOURCE: Faruqi & Faruqi, LLP
