NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Brightview Holdings, Inc. ("Brightview" or the "Company")(NYSE: BV) of the June 14, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Brightview stock or options pursuant and/or traceable to the Company's July 2, 2018 initial public offering ("IPO") and would like to discuss your legal rights, click here: www.faruqilaw.com/BV. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of all those who purchased Brightview common stock pursuant and/or traceable to the Company's July 2, 2018 IPO. The case, Speiser v. Brightview Holdings, Inc., No. 19-cv-01610 was filed on April 11, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (i) a material portion of Brightview's contracts were under-performing and/or represented undesirable costs to the Company; (ii) as a result of the foregoing, Brightview would implement a "managed exit" strategy to end its low margin and non-profitable contracts with customers; (iii) 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 (iv) as a result, the Offering Documents were materially false and/or misleading and failed to state information required to be stated therein.
Since Brightview's IPO, the Company's share price has declined from its IPO price of $22.00 by approximately 31.88%.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Brightview's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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