NEW YORK, Aug. 17, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Flowers Foods, Inc. (“Flowers Food” or the “Company”) (NYSE:FLO) in the United States District Court for the Southern District of New York on behalf of purchasers of Flowers Food common stock between February 7, 2013 through August 10, 2016, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
According to the Complaint, Defendants issued false and misleading statements to investors and/or failed to disclose that: (1) Flowers Foods was improperly classifying employees as independent contractors; (2) the misclassification exposed Flowers Foods to legal liability and/or negative regulatory action; (3) proper classification would have a negative impact on Flowers Foods’ operations; and (4) as a result, Flowers Foods’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you wish to serve as lead plaintiff, you must move the Court no later than October 11, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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