Robbins Arroyo LLP: Revlon, Inc. (REV) Misled Shareholders According to a Recently Filed Lawsuit
SAN DIEGO & NEW YORK--(BUSINESS WIRE)--May 23, 2019--
Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of Revlon, Inc. (NYSE: REV) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between March 12, 2015 and March 28, 2019. Revlon is specialty generic pharmaceutical company.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/revlon-inc/
Revlon Accused of Misleading Investors
According to the complaint, since 2015, Revlon filed quarterly and annual reports attesting to the accuracy of its financial reporting, the effectiveness of its internal controls, and the disclosure of all fraud. In particular, it noted the risks regarding Revlon’s enterprise resource planning (“ERP”) system. However, Revlon failed to create measures to monitor the ERP system appropriately once implemented. In March 2019, Revlon disclosed that it would be unable to timely file its annual report for 2018 due to the identification of a material weakness in its internal controls relating to its ERP system. On this news, Revlon shares fell nearly 7% to close at $18.02 per share on March 19, 2019. On March 28, 2019, Revlon filed its annual report and revealed further details about its problem with the ERP system, internal control weakness and the reason for these weaknesses. On this news, Revlon shares fell over 6% to close at $19.38 per share on March 29, 2019.
Revlon Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, email@example.com or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190523005826/en/
CONTACT: Leo Kandinov
Robbins Arroyo LLP
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
Copyright Business Wire 2019.
PUB: 05/23/2019 05:12 PM/DISC: 05/23/2019 05:12 PM