HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages GFL Environmental (GFL; GFLU) Investors to Contact Its Attorneys Now, Firm Investigating Potential Securities Law Violations
SAN FRANCISCO, Aug. 19, 2020 /PRNewswire/ -- Hagens Berman urges GFL Environmental Inc. (NYSE: GFL, GFLU) investors to contact the firm now. The firm is conducting a proprietary investigation into possible securities fraud.
Relevant Holding Period: Before Aug. 19, 2020
Visit: www.hbsslaw.com/investor-fraud/GFL
Contact An Attorney Now: [email protected]
844-916-0895
GFL Environmental (GFL; GFLU) Investigation
The investigation centers on whether GFL reports its true financial condition consistent with applicable accounting rules.
More specifically, on Aug. 18, 2020, Spruce Point Capital Management published a scathing report – "Green for Life; Red for Losses." According to the report, "[a]fter conducting a forensic financial and accounting review (inc. multiple former employees interviews), Spruce Point believes shares of GFL Environmental (TSX/NYSE: GFL), a cash degenerative North American roll-up of environmental service companies, are worthless." Spruce Point's report concludes, in part, GFL understates its debt by at least C$460 million, engages in aggressive revenue and EBITDA reporting, and understates its free cash burn by about 60%. In addition, the report questions whether the company hid related-party transactions with its CEO.
This news drove the price of GFL shares sharply lower.
"We're focused on investors' losses and whether GFL's financial disclosures were sufficiently transparent so as not to mislead investors," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a GFL investor, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding GFL should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email mailto:[email protected].
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP
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