Law Offices of Howard G. Smith 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”).
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 howardsmith@howardsmithlaw.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.
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 if you meet certain legal requirements. 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 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 howardsmith@howardsmithlaw.com,
or visit our website at www.howardsmithlaw.com.
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jurisdictions under the applicable law and ethical rules.
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