Deadline Alert: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against
Foot Locker, Inc. (FL)
Law Offices of Howard G. Smith reminds investors of the May 8, 2018 deadline to file a lead plaintiff motion in
the class action filed on behalf of investors that purchased Foot Locker, Inc. (“Foot Locker” or the “Company”) (NYSE: FL) securities between August 19, 2016 and August 17, 2017, inclusive (the “Class Period”). Foot Locker
investors have until May 8, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Foot Locker investments are encouraged to contact the Law Offices of Howard G. Smith to
discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On August 18, 2017, Foot Locker announced poor second quarter 2017 financial results, including a 6% decline in quarterly
same-store sales year-over-year. In addition, Foot Locker disclosed that it would close approximately 130 stores, which was up from
100 it had previously stated it would close. Finally, on its Q2 2017 conference call with investors and analysts, Foot Locker
revealed that it expected weaker sales for the remainder of fiscal year 2017.
On this news, shares of Foot Locker fell nearly 28%, to close at $34.38 on August 18, 2017, thereby injuring investors.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and
misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false
and/or misleading statements and/or failed to disclose that: (i) 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; (ii) competition with online retailers had increased the pricing competition
Foot Locker faced while concomitantly lowering demand at its stores; and (iii) 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.
If you purchased shares of Foot Locker during the Class Period you may move the Court no later than May 8, 2018 to
ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may
retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about
this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters,
please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania
19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
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