Shares of Flex Ltd. /zigman2/quotes/203929784/composite FLEX +5.28% plunged 19% toward a 1 1/2-year low early Friday, to pace all the premarket decliners, after the contract manufacturer missed profit expectations, provided a downbeat outlook and said it was investigating allegations of improper accounting. The company reported late Thursday that it swung to a fiscal fourth-quarter net loss of $19.6 million, or 4 cents a share, from a profit of $86.9 million, or 16 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 28 cents, below the FactSet consensus of 30 cents. Revenue rose 9% to $6.41 billion, topping the FactSet consensus of $6.28 billion. The company said it expects first-quarter adjusted EPS of 22 cents to 26 cents, while the FactSet consensus as of March 29 was 31 cents. The company said it notified the Securities and Exchange Commission of the allegations that it improperly accounted for obligations in a customer contract and certain related revenue, and will notify the SEC of the findings of an independent investigation. The stock had lost 7.5% year to date through Thursday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +3.06% had eased 0.3%.