LOS ANGELES, CA / ACCESSWIRE / April 17, 2018 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Foot Locker, Inc. ('Foot Locker' or 'the Company') (NYSE: FL) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares between August 19, 2016 and August 17, 2017, inclusive (the 'Class Period'), are encouraged to contact the firm before May 8, 2018.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company issued false and/or misleading statements and/or failed to disclose that: (1) Foot Locker's vendors were transitioning to selling through various online retailers, diminishing the utility of Foot Locker's large number of brick and mortar stores and the once-high value of its exclusivity relationships with those vendors; (2) competition with online retailers had increased the pricing competition Foot Locker faced while also lowering demand at its stores; and (3) as a result, defendants' statements about Foot Locker's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the truth was revealed to the investing public, shares fell, causing shareholders harm.
The Schall Law Firm represents investors around the world, and specializes in securities class action lawsuits and shareholder rights litigation.
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The Schall Law Firm
Brian Schall, Esq.
Sherin Mahdavian, Esq.
SOURCE: The Schall Law Firm