FleetCor Technologies, Inc. Accused of Engaging in Fraudulent Billing Practices

According to a class action complaint alleging violations of the Securities Exchange Act of 1934 for breaches of fiduciary duties and unjust enrichment by certain current and former officers and directors of Fleetcor Technologies, Inc. (NYSE: FLT), the company failed to disclose that the true reasons for its earnings and growth were from its fraudulent billing practices, dissemination of misleading marketing materials, and predatory sales tactics. Investors began to learn the truth about the company's improper practices on December 19, 2016, when Chevron – FleetCor's largest U.S. partner – announced that it was terminating its 10-year relationship with the company and signed a long-term contract with FleetCor's primary competitor, WEX, Inc. Then, in March 2017, published reports began accusing FleetCor of fraudulent billing practices and predatory sales tactics, which are believed to have been ongoing since at least February 2016.

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