NEW YORK, May 15, 2019 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Revlon, Inc. (“Revlon” or the “Company”) (NYSE: REV). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Revlon and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 5, 2019, citing a review of Nielsen data, a Jefferies analyst noted that Revlon’s recent sales declines appeared to be worse than those of its rivals. Following this news, Revlon’s stock price fell $5.38 per share, or 21.04%, to close at $20.19 per share on March 5, 2019. Then on March 18, 2019, Revlon announced it would be unable to timely file its Annual Report for the fiscal year ending December 31, 2018. Revlon stated that the “principal reason for the delay is the recent identification of a material weakness” related to the implementation of an enterprise resource planning system.
Following this news, Revlon’s stock price fell $1.33 per share, or 6.87%, to close at $18.02 per share on March 19, 2019.
Then, on March 28, 2019, post-market, Revlon filed its annual report for 2018. The annual report revealed further details about the Company’s problems relating to its ERP system, stating, in part that the “ERP-related disruptions caused the Company to incur expedited shipping fees and other unanticipated expenses in connection with actions that the Company implemented to remediate the decline in customer service levels” and that “[t]he Company estimates that this ERP launch resulted in the Company being unable to fulfill product shipments representing approximately $64 million of net sales during 2018 and incurring $53.6 million of incremental charges in 2018, mainly related to actions that the Company implemented to remediate the decline in customer service levels.”
On this news, Revlon’s stock price fell $1.33 per share, or roughly 6.4%, to close at $19.38 per share on March 29, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby