An investigation on behalf of current long-term investors in shares of Revlon, Inc. (NYSE: REV) concerning potential breaches of fiduciary duties by certain directors and officers of Revlon, Inc. was announced.
Investors who are current long term investors in Revlon, Inc. (NYSE: REV) shares, have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in NYSE: REV stocks follows a lawsuit filed against Revlon, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE: REV stocks, concerns whether certain Revlon directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Eastern District of New York the plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that Revlon failed to create measures to monitor its enterprise resource planning (“ERP”) system appropriately once implemented, that Revlon failed to design, implement and consistently operate effective process-level controls to ensure that it appropriately (a) recorded and accounted for inventory, accounts receivable, net sales and cost of goods sold, (b) reconciled balance sheet accounts, (c) reviewed and approved the complete population of manual journal entries, and (d) used complete and accurate information in performing manual control, which constituted a material weakness in its internal controls over financial reporting, that as a result of the poor preparation and planning of the implementation of the ERP system, Revlon was unable to fulfill product shipments of approximately $64 million of net sales and the Company incurred $53.6 million of incremental charges to remediate the decline in customer services levels, and that as a result, defendants’ statements about Revlon’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
Those who purchased shares of Revlon, Inc. (NYSE: REV) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.