GFL Environmental Inc.
|Company Name||GFL Environmental Inc.|
In March 2020, GFL completed its initial public offering (“IPO”), in which it sold 75 million shares at $19.00 per share.
On August 18, 2020, Spruce Point Management published a report alleging, among other things, that GFL’s Chief Executive Officer Patrick Dovigi "obfuscated connections to what some observers have dubbed 'organized crime'." The report also alleged that "GFL's leverage is understated by aggressive reporting of revenue and EBITDA, and free cash flow burn is understated by ~60%," asserting that "this is evidenced by financial restatements without explanation, and by minimizing a material weaknesses of financial controls."
On this news, GFL's stock price fell $1.75 per share, or 8%, to close at $19.48 per share on August 18, 2020, thereby injuring investors.
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