NEW YORK, Aug. 20, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of GFL Environmental Inc. (“GFL” or the “Company”) (NYSE: GFL). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether GFL and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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In early March 2020, GFL conducted its initial public offering (“IPO”), issuing 75 million shares priced at $19.00 per share. Then, on August 18, 2020, Spruce Point Management (“Spruce Point”) published a report addressing GFL entitled “Green for Life, Red For Losses.” Among other things, the Spruce Point report accused GFL’s Chief Executive Officer Patrick Dovigi of “obfuscat[ing] connections to what some observers have dubbed ‘organized crime’” and opined that “GFL’s leverage is understated by aggressive reporting of revenue and EBITDA, and free cash flow burn is understated by ~60%,” asserting that “this is evidenced by financial restatements without explanation, and by minimizing a material weaknesses of financial controls.”
Following publication of the Spruce Point report, GFL’s stock price fell $1.75 per share, or 8.245, to close at $19.48 per share on August 18, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
