Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against BrightView Holdings, Inc. (BV)
NEW YORK, April 16, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against BrightView Holdings, Inc. (“BrightView” or the “Company”) (NYSE: BV) in the United States District Court for the Eastern District of Pennsylvania on behalf of those who purchased or acquired the securities of BrightView pursuant and/or traceable to the Company’s false and/or misleading Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with BrightView’s initial public offering completed on or around July 2, 2018 (the “IPO”).
The Complaint alleges that the Registration Statement was false and/or misleading and/or failed to disclose that: (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 of the foregoing, Defendants’ positive statements in the Registration Statement about BrightView’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the June 14, 2019 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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