LOS ANGELES–(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;–Glancy
Prongay & Murray LLP (“GPM”), a national investors rights law
firm, 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.
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 [email protected],
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.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased shares of BrightView, you may move the Court no later
than June 14, 2019 to ask the Court to appoint you as
lead plaintiff. To be a member of the Class 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. 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, 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 protected],
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.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
www.glancylaw.com
[email protected]
