BrightView Holdings, Inc.
| Company Name | BrightView Holdings, Inc. |
| Stock Symbol | BV |
| Lead Plaintiff Motion Deadline | June 14, 2019 |
On February 7, 2019, the Company’s Chief Executive Officer attributed BrightView’s disappointing first quarter 2019 financial results to its “strategic Managed Exit initiative” related to underperforming contracts, which accounted for a decline of over $23 million in revenue for the full year fiscal 2018.
On this news, the Company’s share price fell $1.99 per share, or over 13%, over two trading sessions to close at $12.75 on February 8, 2019, thereby injuring investors.
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) 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, the Offering Documents were materially false and/or misleading and failed to state information required to be stated therein.
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