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LOS ANGELES, June 11, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming June 14, 2019 deadline to file a lead plaintiff motion in the class action 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”).
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to firstname.lastname@example.org, or visit our website at www.glancylaw.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.
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If you purchased or otherwise acquired BrightView securities during the Class Period you may move the Court no later than June 14, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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