Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Revlon, Inc. Investors
LOS ANGELES--(BUSINESS WIRE)--May 15, 2019--
Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired Revlon, Inc. (“Revlon” or the “Company”) (NYSE: REV ) securities between March 12, 2015 and March 28, 2019, inclusive (the “Class Period”). Revlon investors have until July 15, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to email@example.com, or visit our website at www.glancylaw.com.
On March 18, 2019, Revlon announced its unaudited fourth quarter and full year 2018 financial results, as well as stating it spotted a “material weakness” in its internal controls over financial reporting for 2018, therefore delaying the filing of the 10-K with the SEC.
On this news, shares of Revlon fell $1.33, or nearly 7%, to close at $18.02 on March 19, 2019, thereby injuring investors.
Then, on March 28, 2019, the Company filed its annual report with the SEC for the period ended December 31, 2018, in which it revealed that, due to ERP-related disruptions, Revlon was unable to fulfill product shipments representing approximately $64 million in net sales and incurred $53.6 million incremental charges to remediate the decline in customer service levels.
On this news, shares of Revlon fell $1.33, or over 6%, to close at $19.38 on March 29, 2019, thereby injuring investors further.
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) that the Company failed to create measures to monitor its enterprise resource planning (“ERP”) system appropriately once implemented; (2) that the Company 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) that, as a result of the poor preparation and planning of the implementation of the ERP system, the Company was unable to fulfill product shipments of approximately $64 million of net sales and incurred $53.6 million of incremental charges to remediate the decline in customer service levels; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased shares of Revlon during the Class Period you may move the Court no later than July 15, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190515006010/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
Copyright Business Wire 2019.
PUB: 05/15/2019 05:20 PM/DISC: 05/15/2019 05:20 PM