DENVER —The Shuman Law Firm announces that it is investigating potential claims against certain officers and directors of FleetCor Technologies, Inc. (“FleetCor” or the “Company”) (NYSE: FLT). FleetCor is a Norcross, Georgia-based company that provides fuel cards, commercial payment and data solutions, gift card and stored value solutions, and workforce payment products and services primarily in the United States, Brazil, and the United Kingdom.
The Firm’s investigation focuses on allegations raised in a class action lawsuit filed against FleetCor and certain of the Company’s senior officers and directors that the Company had utilized “exploitive sales and billing practices” and “encouraged its sales people to pad their numbers in order to artificially inflate the number of new ‘bookings’ FleetCor could report to shareholders.” The lawsuit also accuses FleetCor of flipping customer accounts to multiple cards within FleetCor’s range of products and deriving a substantial amount of income from “administrative fees.” On March 1, 2017, business journal Capitol Forum published a report stating that FleetCor “routinely imposes a myriad of unwarranted fees on customers” and that “FleetCor further supplements its fee revenue with late fees through the use of a bill payment system that makes it extremely difficult, if not impossible, for customers to make timely payments.” Following the Capitol Forum report, FleetCor’s stock price fell more than 11%, corresponding to a loss of market capitalization of $1.5 billion.
If you currently own FleetCor common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 569-4531 or email Mr. Shuman at [email protected] or Mr. Glenn at [email protected].
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in stockholder litigation.