GRABAR LAW OFFICE INVESTIGATES POTENTIAL SHAREHOLDER ACTION ON BEHALF OF SHAREHOLDERS OF ARMSTRONG FLOORING, INC. (NYSE: AFI)
It is alleged that Armstrong Flooring, Inc. and its officers and directors made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company had engaged in channel stuffing to artificially boost sales; (2) that the Company’s internal control over inventory levels was not effective; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’ s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. These governance failures led to the announcement of a $3.75 million class action settlement.
Current AFI shareholders who have held shares of the Company’s stock since at least October 3, 2016 have standing to seek corporate governance reforms, the return of funds back to company coffers and potentially a court approved incentive award if appropriate at no cost. $AFI
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