FLEETCOR to Appeal Ruling in FTC Case

Rhea-AI Summary

FLEETCOR Technologies (NYSE: FLT) announced its decision to appeal the August 9, 2022 ruling from the Northern District of Georgia regarding the FTC lawsuit tied to its fuel card business. The court ruled in favor of the FTC on liability, but denied monetary relief to the agency. FLEETCOR, believing the liability ruling was premature, stated that it has cooperated with the FTC and made necessary changes since 2017, reporting no significant impact on business or customer behavior. The Board maintains confidence in the company's legal actions and governance.

Positive

• Court denied the FTC's claim for monetary relief.
• FLEETCOR has cooperated with the FTC since 2017, implementing enhanced disclosures.
• No material business impact or change in customer behavior reported due to FTC-related changes.

Negative

• Court ruled against FLEETCOR on liability.

ATLANTA--(BUSINESS WIRE)-- FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today announced that it will appeal the August 9, 2022 decision by the Northern District of Georgia regarding the Federal Trade Commission (FTC) lawsuit involving its fuel card business in the U.S.

While the court granted the FTC's motion for summary judgment as to liability for the Company and its CEO, the court ruled in the Company’s favor denying the FTC’s claim for monetary relief.

FLEETCOR strongly disagrees with the ruling on liability, which the Company believes was reached prematurely.

Beginning in 2017, FLEETCOR voluntarily cooperated with the FTC and implemented enhanced disclosures addressing the concerns raised by the FTC. The Company has seen no material business impact or change in customer behavior as a result of these changes.

“FLEETCOR takes governance and oversight matters seriously and is confident it has acted in accordance with all applicable laws,” said Steven Stull, Lead Independent Director. “The Board fully supports the Company and Ron Clarke in their efforts to overturn this ruling.”

About FLEETCOR^®

FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that helps businesses spend less by providing innovative solutions that enable and control expense-related purchasing and payment processes. The FLEETCOR portfolio of brands automate, secure, digitize and manage payment transactions on behalf of businesses across more than 100 countries in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220810005518/en/

Investor Relations

Jim Eglseder, 770-417-4697

Jim.Eglseder@fleetcor.com

Source: FLEETCOR Technologies, Inc.

FAQ

What was the ruling on FLEETCOR's FTC lawsuit on August 9, 2022?

The court ruled in favor of the FTC on liability but denied its monetary relief claim against FLEETCOR.

What is FLEETCOR's response to the FTC lawsuit ruling?

FLEETCOR disagrees with the court's ruling on liability and plans to appeal.

Since when has FLEETCOR been cooperating with the FTC?

FLEETCOR has been cooperating with the FTC since 2017, implementing enhanced disclosures.

What impact did the FTC lawsuit have on FLEETCOR's business?

FLEETCOR reported no material business impact or change in customer behavior due to the FTC lawsuit.

What is FLEETCOR's stock symbol?

FLEETCOR's stock symbol is FLT.