BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of BrightView Holdings, Inc. (“BrightView” or the “Company”) (NYSE: BV) investors who purchased or otherwise acquired BrightView securities pursuant and/or traceable to the Company’s July 2, 2018 initial public offering (“IPO” or the “Offering”). BrightView investors have until June 14, 2019 to file a lead plaintiff motion.
Investors suffering losses on their BrightView investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On February 7, 2019, the Company’s Chief Executive Officer attributed BrightView’s disappointing first quarter 2019 financial results to its “strategic Managed Exit initiative” related to underperforming contracts, which accounted for a decline of over $23 million in revenue for the full year fiscal 2018.
On this news, the Company’s share price fell $1.99 per share, or over 13%, over two trading sessions to close at $12.75 on February 8, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) a material portion of BrightView’s contracts were underperforming and/or represented undesirable costs to the Company; (2) as a result of the foregoing, BrightView would implement a “managed exit” strategy to end its low margin and non-profitable contracts with customers; (3) this “managed exit” strategy would negatively impact BrightView’s future revenue throughout 2018, and would continue to do so well into fiscal year 2019; and (4) as a result, the Offering Documents were materially false and/or misleading and failed to state information required to be stated therein.
If you purchased shares of BrightView, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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