PHILADELPHIA, Pa., Feb. 13, 2023 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it is investigating Vertiv Holdings Co. (NYSE: VRT) on behalf of the company’s long-term investors.
Recently a securities fraud complaint was filed against Vertiv on behalf of certain investors who purchased shares of the company’s stock between February 24, 2021 and February 22, 2022. The complaint alleges that, during that time period, Vertiv and certain of the company’s executive officers made a series of false and misleading statements to investors about Vertiv’s purportedly “robust” pricing actions during 2021.
As further detailed in the complaint, on February 23, 2022, Vertiv shocked the market by reporting adjusted operating income for fiscal 2021—the metric Vertiv had touted as being the most critical to investors—was 43% below the low-end of management’s fourth-quarter guidance range, and that it had missed its annual guidance for that metric by over $80 million. Subsequently, defendants admitted—in stark contrast to their numerous prior statements that Vertiv had implemented “robust pricing actions” to increase its prices that would more than “cover” inflationary costs—that the exact opposite was true: Vertiv was unable to increase prices for its services, and as a result, its business was decimated. Following these disclosures, shares of Vertiv’s stock declined $7.19 per share, or over 36% in value, to close at $12.38 per share on February 23, 2022.
The investigation seeks to determine whether the members of Vertiv’s board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct.
Current Vertiv stockholders who purchased or acquired their VRT shares prior to February 24, 2021 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by email (skaskela@kaskelalaw.com / abell@kaskelalaw.com) or online at https://kaskelalaw.com/cases/vertiv-holdings-co/ , for additional information about this investigation and their legal rights and options.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750
www.kaskelalaw.com
