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The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Armstrong Flooring, Inc., Investors (AFI)

January 9, 2020 GMT

LOS ANGELES--(BUSINESS WIRE)--Jan 9, 2020--

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Armstrong Flooring, Inc., (“Armstrong” or the “Company”) (NYSE: AFI ) securities between March 6, 2018 and November 4, 2019, inclusive (the “Class Period”). Sealed Air investors have until January 14, 2020 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On May 3, 2019, Armstrong Flooring’s Chief Executive Officer abruptly resigned.

On this news, the Company’s stock price fell $1.75, nearly 12%, to close at $13.14 per share on May 3, 2019, thereby injuring investors.

Then, on November 5, 2019, before the market opened, Armstrong Flooring reported $165.6 million net sales for third quarter 2019, a nearly 21% decline year-over-year, and a net loss of $31.4 million. The Company also cut its full year 2019 guidance for adjusted EBITDA to a range of $20 million to $25 million, from prior guidance range of $46 million to $54 million, citing “larger distributor movements on inventory” than anticipated.

On this news, the Company’s stock price fell $2.90 per share, or nearly 44%, to close at $3.70 per share on November 5, 2019, thereby injuring investors further.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Armstrong securities during the Class Period, you may move the Court no later than January 14, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Armstrong securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200109005281/en/

CONTACT: The Law Offices of Frank R. Cruz, Los Angeles

Frank R. Cruz, 310-914-5007

fcruz@frankcruzlaw.com

www.frankcruzlaw.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: The Law Offices of Frank R. Cruz

Copyright Business Wire 2020.

PUB: 01/09/2020 11:30 AM/DISC: 01/09/2020 11:30 AM

http://www.businesswire.com/news/home/20200109005281/en