SAN FRANCISCO, Dec. 02, 2019 (GLOBE NEWSWIRE) -- Hagens Berman urges Cintas Corporation (NASDAQ: CTAS) investors who have suffered losses to submit their losses now to learn if they qualify to recover their investment losses. The firm is continuing to investigate Cintas and investors may have valuable claims under the federal securities laws.
Cintas Corporation (CTAS) Investigation:
The investigation centers on the accuracy of Cintas’ historic financial statements.
On November 13, 2019, Spruce Point Capital published a scathing report. According to Spruce Point, (1) “[b]ased on a new public FOIA and our research, we believe Cintas’ Fire Protection Services business has committed fraud,” (2) “[o]ur research indicates that Cintas has a poor reputation, and that new private equity and public money is entering the space, which will compress its growth and margins,” and (3) “[e]ven worse, evidence points to Cintas over-estimating expenses, only to roll-them back and claim outperformance.”
This news sent the price of Cintas shares down as much as $11.10 during intraday trading on November 13, 2019.
“We’re focused on recovering investors’ substantial losses, the matters raised in the analyst report, and the extent to which investors may have been misled,” said Hagens Berman partner Reed Kathrein.
If you purchased shares of Cintas and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Cintas 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 510-725-3000 or email CTAS@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 510-725-3000