Shareholder rights law firm Robbins
Arroyo LLP announces that a purchaser of Revlon, Inc. (NYSE: REV)
filed a class action complaint for alleged violations of the Securities
Exchange Act of 1934 between March 12, 2015 and March 28, 2019. Revlon
is specialty generic pharmaceutical company.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/revlon-inc/
Revlon Accused of Misleading Investors
According to the complaint, since 2015, Revlon filed quarterly and
annual reports attesting to the accracy of its financial reporting, the
effectiveness of its internal controls, and the disclosure of all fraud.
In particular, it noted the risks regarding Revlon's enterprise resource
planning ("ERP") system. However, Revlon failed to create measures to
monitor the ERP system appropriately once implemented. In March 2019,
Revlon disclosed that it would be unable to timely file its annual
report for 2018 due to the identification of a material weakness in its
internal controls relating to its ERP system. On this news, Revlon
shares fell nearly 7% to close at $18.02 per share on March 19, 2019. On
March 28, 2019, Revlon filed its annual report and revealed further
details about its problem with the ERP system, internal control weakness
and the reason for these weaknesses. On this news, Revlon shares fell
over 6% to close at $19.38 per share on March 29, 2019.
Revlon Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leo Kandinov at (800)
or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190523005826/en/
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