Glancy Prongay & Murray LLP Reminds Investors of the Deadline in the Class Action Lawsuit Against Foot Locker, Inc.
(FL)
Glancy Prongay & Murray LLP (“GPM”) 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”).
To obtain information or actively participate in the class action, please visit the Foot Locker page on our website at www.glancylaw.com/case/foot-locker-inc.
Investors suffering losses on their Foot Locker investments are encouraged to contact Lesley Portnoy of GPM to discuss their
legal rights in this class action at 310-201-9150 or by email to shareholders@glancylaw.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.
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If you purchased shares 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. 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 Lesley
Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at
888-773-9224, by email to shareholders@glancylaw.com, or visit our
website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of
shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
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