NEW YORK, Sept. 25, 2020 (GLOBE NEWSWIRE) — Rosen Law Firm, a global investor rights law firm, continues its investigation of potential securities claims on behalf of shareholders of GFL Environmental Inc. (NYSE: GFL, GFLU) resulting from allegations that GFL may have issued materially misleading business information to the investing public.
On August 18, 2020, a report published by Spruce Point Management revealed evidence of a number of suspicious business practices. The Spruce Point report revealed that there was “evidence that through his real estate holding company PJD Properties, [CEO Patrick Dovigi] leases office space to GFL,” which was “not properly disclosed to investors.” The report further alleges evidence of aggressive accounting techniques, including “restat[ing] both revenue and EBITDA, without explanation, by pulling from “intercompany revenues” which is indicative of financial issues being minimized by the Company. Furthermore, the report revealed that two “independent” directors were actually hiding the fact that they were being paid by BC Partners, GFL’s largest control shareholder.
On this news, the price of GFL shares fell $2.82 per share, or 13%, over the rest of the trading day and the next full trading day, to close at $18.41 per share on August 19, 2020.
Rosen Law Firm is preparing a securities lawsuit on behalf of GFL shareholders. If you purchased securities of GFL please visit the firm’s website at http://www.rosenlegal.com/cases-register-1930.html to join the securities action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected]
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
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