The Shareholders Foundation announces that an investigation on behalf of investors in NYSE:FDX shares was initiated over potential breaches of fiduciary duties by certain FedEx officers and directors that caused damages to the company and NYSE:FDX stockholders in connection with the recently announced indictment.
Investors who are current long-term stockholders in FedEx Corporation (NYSE:FDX) shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on whether FedEx Corporation and certain of its executives violated federal securities laws.
FedEx Corporation (NYSE:FDX) reported that its Total Revenue rose from $44.28 billion for the 12 months period that ended on May 31, 2013 to over $45.56 billion for the 12 months period that ended on May 31, 2014 and that its respective Net Income increased from over $1.56 billion to over $2.09 billion.
Shares of FedEx Corporation grew from $86.13 per share in November 2012 to as high as $155.26 epr share on July 17, 2014.
On July 17, 2014, the FDA announces that the U.S. Attorney for the Northern District of California charged the FedEx Corporation with conspiring with two separate but related online pharmacy organizations to distribute controlled substances and prescription drugs to U.S. consumers without requiring their customers to have a valid prescription, as required by the Federal Food, Drug, and Cosmetic Act. The FDA said that according to the indictment, as of July 2004, FedEx Corporation employees had identified over 200 accounts that were associated with online pharmacies and by September of 2010, the list had increased to over 600 online pharmacy accounts.
On July 17, 2014, FedEx Corporation announced in a regulatory filing that it has received, “requests for information from the U.S. Department of Justice (“DOJ”) in the Northern District of California in connection with a criminal investigation relating to the transportation of packages for online pharmacies that may have shipped pharmaceuticals in violation of federal law. On July 17, 2014, the DOJ filed a criminal indictment in the United States District Court for the Northern District of California in connection with the matter. The indictment alleges that FedEx Corporation, FedEx Express and FedEx Services, together with certain pharmacies, conspired to unlawfully distribute controlled substances, unlawfully distributed controlled substances and conspired to unlawfully distribute misbranded drugs.” Shares of FedEx Corporation (NYSE:FDX) declined from over $155 per share on July 17, 2014, to as low as $151.23 per share on July 18, 2014.
On August 1, 2014, NYSE: FDX shares closed at $148.83 per share.
Those who purchased shares of FedEx Corporation have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com