GFL Environmental Inc. (GFL)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of GFL Environmental Inc. ("GFL" or the "Company") (NYSE: GFL). The investigation concerns whether GFL and certain of its officers and/or directors have violated federal securities laws.
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 addressing 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 8.245, to close at $19.48 per share on August 18, 2020.
If you are aware of any facts relating to this investigation, or purchased GFL shares, you can assist this investigation by contacting the firm. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.