The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of those who acquired BrightView Holdings, Inc. ("BrightView" or the "Company") (NYSE: BV) securities pursuant and/or traceable to its Initial Public Offering ("IPO") on or about June 28, 2018. Investors have until June 14, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that BrightView's Registration Statement was false and/or misleading and/or failed to disclose that (i) a material portion of BrightView's contracts were underperforming and/or represented undesirable costs to the Company; (ii) as a result of the foregoing, BrightView would implement a "managed exit" strategy to end its low margin and non-profitable contracts with customers; (iii) this "managed exit" strategy would negatively impact BrightView's future revenue throughout 2018, and would continue to do so well into fiscal year 2019.
On or about June 28, 2018, BrightView sold 21.3 million shares of stock in its IPO at $22.00 per share, raising $468.6 million in new capital. However, since the IPO, BrightView stock has declined. As of market close on April 11, 2019, the stock price was $14.84.
If you acquired BrightView securities during the Class Period, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at email@example.com, or by filling out the contact form at the link below, to discuss your rights or interests with respect to these matters without any cost to you.