NEW YORK–(BUSINESS WIRE)–Rosen Law Firm, a global investor rights law firm, announces it has
filed a class action lawsuit on behalf of purchasers of the securities
of Revlon, Inc. (NYSE: REV) from March 12, 2015 through March 28, 2019,
inclusive (the “Class Period”). The lawsuit seeks to recover damages for
Revlon investors under the federal securities laws.
To join the Revlon class action, go to https://www.rosenlegal.com/cases-register-1537.html
or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected]
or [email protected] for
information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS
CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU
MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS
MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN
ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD
According to the lawsuit, defendants throughout the Class Period made
false and/or misleading statements and/or failed to disclose that: (1)
Revlon failed to create measures to monitor its enterprise resource
planning (“ERP”) system appropriately once implemented; (2) Revlon
failed to design, implement and consistently operate effective
process-level controls to ensure that it appropriately (a) recorded and
accounted for inventory, accounts receivable, net sales and cost of
goods sold, (b) reconciled balance sheet accounts, (c) reviewed and
approved the complete population of manual journal entries, and (d) used
complete and accurate information in performing manual control, which
constituted a material weakness in its internal controls over financial
reporting; (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; and (4) as a result, defendants’ statements
about Revlon’s business, operations, and prospects were materially false
and/or misleading and/or lacked a reasonable basis at all relevant times.
A class action lawsuit has already been filed. If you wish to serve as
lead plaintiff, you must move the Court no later than July 15, 2019. A
lead plaintiff is a representative party acting on behalf of other class
members in directing the litigation. If you wish to join the litigation,
go to https://www.rosenlegal.com/cases-register-1537.html
or to discuss your rights or interests regarding this class action,
please contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653
or via email at [email protected]
or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating
its practice in securities class actions and shareholder derivative
litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class
Action Services for number of securities class action settlements in
2017. The firm has been ranked in the top 3 each year since 2013. Rosen
Law Firm has secured hundreds of millions of dollars for investors.
The Rosen Law Firm, P.A.
Laurence Rosen, Esq.
Phillip Kim, Esq.
Madison Avenue, 34th Floor
New York, NY 10016
Toll Free: (866) 767-3653
Fax: (212) 202-3827