FleetCor Technologies, Inc.

Robbins LLP Announces That FleetCor Technologies, Inc. (FLT) Securities Class Action Survives Motion to Dismiss

Investors of FleetCor Technologies, Inc. (FLT) filed a consolidated class action complaint against Fleetcor for alleged violations of the Securities Exchange Act of 1934. According to the class action complaint, Fleetcor misrepresented and omitted material facts regarding the true reasons for its earnings and growth, which were the result of fraudulent billing practices, dissemination of misleading marketing materials, and predatory sales tactics. On May 15, 2018, U.S. District Judge Leigh Martin Ma denied in part defendants’ motion to dismiss plaintiff’s complaint, paving the way for litigation to proceed. Specifically, the court found that plaintiffs had sufficiently alleged that defendants made material misrepresentations regarding their revenues when they stated the cards were “fee free” because there where in fact a multitude of fees involve. The court also found that plaintiffs had sufficiently alleged the prevalence of the fraud.

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