The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Georgia on behalf of those who acquired Floor & Decor Holdings, Inc. ("Floor & Decor" or the "Company") (NYSE: FND) securities during the period from May 23, 2018 to August 1, 2018 (the "Class Period"). Investors have until July 19, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Floor & Decor failed to disclose to investors that: (i) prior to the May 24, 2018 Secondary Offering, the Company had begun to experience declining sales trends; and (ii) as a result, the Company was likely to reduce its fiscal 2018 sales and adjusted EPS guidance, which had been increased as recently as May 2018.
On August 2, 2018, the Company reported lower-than-expected revenue for second quarter 2018 and reduced its sales and earnings per share guidance for fiscal year 2018, citing sales shift to lower margin products such as laminate flooring. On this news, Floor & Decor's share price fell $8.18, approximately 17.1%, to close at $39.53 on August 2, 2018.
If you acquired Floor & Decor securities during the Class Period, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at firstname.lastname@example.org, or by filling out the contact form at the link below, to discuss your rights or interests with respect to these matters without any cost to you.