Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against Revlon, Inc. (NYSE: REV) and Encourages Revlon Investors to Contact the Firm
NEW YORK, May 14, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all persons or entities who purchased or otherwise acquired Revlon, Inc. (NYSE: REV) securities between March 12, 2015 and March 28, 2019 (the “Class Period”). Investors have until July 17, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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The complaint alleges that throughout the Class Period, defendants 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.
If you purchased Revlon securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Revlon lawsuit, please go to https://bespc.com/rev/. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.