GFL Environmental, Inc. Investors: Company Investigated by the Portnoy Law Firm

Los Angeles, California, UNITED STATES


Investors can contact the law firm at no cost to learn more about recovering their losses

LOS ANGELES, Aug. 21, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises GFL Environmental, Inc. ("GFL" or the "Company") (NYSE: GFL) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

In early March 2020, GFL conducted its initial public offering (“IPO”), issuing 75 million shares at a price of $19.00 per share.  On August 18, 2020, Spruce Point Management (“Spruce Point”) published a report entitled “Green for Life, Red For Losses” addressing GFL.  Among other things, the Spruce Point report accused Patrick Dovigi, GFL’s Chief Executive Officer, 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.”  On August 18, 2020, GFL’s stock price fell $1.75 per share, or roughly 8%, following publication of the Spruce Point report, to close at $19.48 per share.

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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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