NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Revlon, Inc. ("Revlon" or the "Company") (NYSE: REV) of the July 15, 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 Revlon stock or options between March 12, 2015 and March 28, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/REV. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Revlon securities between March 12, 2015 and March 28, 2019 (the "Class Period"). The case, Lachman v. Revlon, Inc. et al, No. 19-cv-02859 was filed on May 14, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Revlon failed to create measures to monitor the ERP system appropriately once implemented; (2) Revlon failed to design, implement and consistently operate effective process-level controls; and (3) as a result of the poor preparation and planning of the implementation of the ERP system, Revlon was unable to fulfill product shipments of approximately $64 million of net sales and the Company incurred $53.6 million of incremental charges to remediate the decline in customer services levels.
On March 18, 2019, after market hours, Revlon filed a Form 12b-25, disclosing it was unable to timely file its annual report for the fiscal year ended December 31, 2018 due to the identification of a material weakness in its internal controls relating to its ERP system.
On this news, Revlon's share price fell from $19.35 per share on March 18, 2019 to a closing price of $18.02 on March 19, 2019: a $1.33 or a 6.87% drop.
On March 28, 2019, after the market closed, Revlon filed its annual report on Form 10-K for the year ending December 31, 2018 with the SEC (the "2018 10-K"). The 2018 10-K revealed further details about Revlon’s problems with the ERP system, internal control weaknesses, and the reasons for these weaknesses.
On this news, Revlon's share price fell from $20.71 per share on March 28, 2019 to a closing price of $19.38 on March 29, 2019: a $1.33 or a 6.42% drop.
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 Revlon's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.