NEW YORK, Sept. 03, 2020 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors is investigating claims of violations of federal securities laws on behalf of investors of GFL Environmental Inc. (“GFL” or the “Company”) (NYSE: GFL).
GFL provides waste management services to industrial, commercial, municipal, and residential sectors in Canada. The Company offers identification, collection, transport, processing, recycling, and disposal of broad range of hazardous and non-hazardous liquid waste.
On August 18, 2020, Spruce Point Capital Management (“Spruce Point”) published a report addressing GFL entitled “Green for Life, Red For Losses.” After conducting a forensic financial and accounting review, Spruce Point report accused GFL’s Chief Executive Officer Patrick Dovigi 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 about 60%,” asserting that “this is evidenced by financial restatements without explanation, and by minimizing a material weaknesses of financial controls.” Spruce Point concluded that shares of GFL “are worthless.”
On this news, GFL shares fell of $1.75 per share, or 8%, to close at $19.48 per share on August 18, 2020.
If you are a shareholder of GFL who suffered a loss, we encourage you to contact one of our attorneys at Lowey Dannenberg at (914) 733-7256 or investigations@lowey.com to learn more about this case or to discuss your options.
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.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has in the past recovered billions of dollars on behalf of investors.
Contact
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7256
Email: investigations@lowey.com