NEW YORK, April 17, 2019 /PRNewswire/ -- Bernstein Liebhard LLP announced today that a class action has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons or entities (the "Class") who purchased the common stock of BrightView, Inc. ("BrightView" or the "Company") (NYSE: BV) pursuant to or traceable to the IPO. The complaint alleges that Defendants violated the Securities Act of 1933.
BrightView is a Pennsylvania-based company that provides commercial landscaping services across the United States. The complaint alleges that Defendants made materially false and/or misleading statements in the Offering Documents relating to the IPO, including failing 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; and (iv) as a result, the Offering Documents were materially false and/or misleading and failed to state information required to be stated therein.
Plaintiff seeks to recover damages on behalf of all Class members who invested in BrightView common stock in connection with the IPO. If you invested in BrightView common stock as described above, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than June 14, 2019.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and been listed in The Legal 500 for ten consecutive years.
You can obtain a copy of the complaint by contacting the clerk of the United District Court for the Eastern District of Pennsylvania.
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SOURCE Bernstein Liebhard LLP