SAN FRANCISCO, Sept. 07, 2020 (GLOBE NEWSWIRE) — 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
Contact An Attorney Now: [email protected]
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 [email protected]
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Reed Kathrein, 844-916-0895