STOCK TITAN

Award Winning Firm Labaton Sucharow Investigating FedEx Corp (NYSE: FDX)

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Negative)
Tags
Rhea-AI Summary

Labaton Sucharow is investigating FedEx (NYSE:FDX) for potential violations of federal securities laws after the company announced it would likely miss its fiscal first-quarter profit target.

On September 15, 2022, FedEx revealed a decline in its global package delivery business, leading to the closure of storefronts and corporate offices. Consequently, FedEx's stock plummeted over 20% in after-hours trading, raising concerns about further weakening business conditions.

Positive
  • None.
Negative
  • Company warned of missed profit targets for fiscal Q1 due to a drop in global package delivery business.
  • FedEx is closing storefronts and corporate offices as part of cost-cutting measures.
  • Stock fell over 20% in after-hours trading following the preliminary financial results announcement.

NEW YORK, NY / ACCESSWIRE / October 17, 2022 / Labaton Sucharow, a nationally ranked and award-winning shareholder rights firm, announces that it is investigating FedEx (NYSE:FDX) for potential violations of the federal securities laws.

Labaton Sucharow LLP, Monday, October 17, 2022, Press release picture

On Thursday, September 15, 2022, FedEx released preliminary first quarter financial results and said they are shuttering storefronts and corporate offices while putting off new hires brought on by drop-off in its global package delivery business.

The company warned it will likely miss Wall Street's profit target for its fiscal first quarter that ended Aug. 31 and said it expects business conditions to further weaken in the current quarter amid weaker global volume. Its stock fell more than 20% in after-hours trading following the announcement.

If you currently own stock or options in FedEx Corp. and suffered a loss, click here to participate.

If you want to receive additional information and protect your investments free of charge, please contact David J. Schwartz using the toll-free number (800) 321-0476 or via email at david@labaton.com.

About the Firm

Labaton Sucharow LLP is one of the world's leading complex litigation firms representing clients in securities, corporate governance and shareholder rights, consumer, and cybersecurity and data privacy litigation, as well as whistleblower representation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at labaton.com.

Contacts

David J. Schwartz
(800) 321-0476
david@labaton.com

SOURCE: Labaton Sucharow LLP



View source version on accesswire.com:
https://www.accesswire.com/720641/Award-Winning-Firm-Labaton-Sucharow-Investigating-FedEx-Corp-NYSE-FDX

FAQ

What is the recent investigation into FedEx (FDX) about?

Labaton Sucharow is investigating FedEx for potential violations of federal securities laws following the company's warning of missed profit targets due to declining business.

How much did FedEx's stock drop after the recent announcement?

FedEx's stock dropped over 20% in after-hours trading after the announcement regarding weak financial results and business closures.

What business conditions is FedEx facing currently?

FedEx expects further weakening business conditions amid a decrease in global volume affecting their package delivery business.

When did FedEx announce its first-quarter financial results?

FedEx released its preliminary first-quarter financial results on September 15, 2022.

What impact does the investigation have on FedEx shareholders?

The investigation raises concerns for FedEx shareholders, particularly following the significant drop in stock price and the company's warning about profit targets.

FedEx Corporation

NYSE:FDX

FDX Rankings

FDX Latest News

Dec 18, 2024
The Power of Soil

FDX Stock Data

68.89B
224.17M
8.22%
78.99%
1.74%
Integrated Freight & Logistics
Air Courier Services
Link
United States of America
MEMPHIS