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 [email protected].
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
the 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.
Contacts
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New
York, NY 10017
Attn: Richard Gonnello, Esq.
[email protected]
Telephone:
(877) 247-4292 or (212) 983-9330
