|Company name||GFL Environmental, Inc.|
NEW YORK, August 31, 2020 –Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against GFL Environmental, Inc. (NYSE: GFL) on behalf of GFL stockholders. Our investigation concerns whether GFL has violated the federal securities laws and/or engaged in other unlawful business practices.
In early March 2020, GFL conducted its initial public offering (“IPO”), issuing 75 million shares priced at $19.00 per share.
Then, on August 18, 2020, Spruce Point Management (“Spruce Point”) published a report on GFL entitled “Green for Life, Red For Losses.” Among other things, the Spruce Point report accused GFL’s Chief Executive Officer Patrick Dovigi of “obfuscat[ing] connections to what some observers have dubbed ‘organized crime’” and opined 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.””
Following publication of the Spruce Point report, GFL’s stock price fell $1.75 per share, or 8.24%, to close at $19.48 per share on August 18, 2020.
If you purchased or otherwise acquired GFL shares and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore or by email at email@example.com, telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.