BENSALEM, Pa.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24BV&src=ctag” target=”_blank”gt;$BVlt;/agt; lt;a href=”https://twitter.com/hashtag/classaction?src=hash” target=”_blank”gt;#classactionlt;/agt;–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 protected].
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 [email protected],
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.