Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Revlon, Inc.
Glancy Prongay & Murray LLP (GPM) reminds investors of the upcomingJuly 15, 2019deadline to file a lead plaintiff motion in the class action filed on behalf of Revlon, Inc. (Revlon or the Company) (NYSE: REV ) investors who purchased securities betweenMarch 12, 2015 and March 28, 2019, inclusive (the Class Period).
Glancy
Prongay & Murray LLP (“GPM”) reminds investors of the upcoming July
15, 2019 deadline to file a lead plaintiff motion in the class
action filed on behalf of Revlon, Inc. (“Revlon” or the “Company”)
(NYSE: REV)
investors who purchased securities between March 12, 2015 and
March 28, 2019, inclusive (the “Class Period”).
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 protected],
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 or otherwise acquired Revlon securities during the
Class Period you may move the Court no later than July 15, 2019 to
request appointment as lead plaintiff in this putative class action
lawsuit. To be a member of the class action 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 action. If you wish to learn
more about this class action, or if you have any questions concerning
this announcement or your rights or interests with respect to the
pending class action lawsuit, 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 [email protected],
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/20190522005733/en/