NEW YORK, June 15, 2018 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in REV Group, Inc. (“REV” or the “Company”) (NYSE:REVG) of the August 7, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in REV securities on or about January 27, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/REVG. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased REV securities pursuant and/or traceable to the Company’s Initial Public Offering (the “IPO”) on January 27, 2017. The case, Seth Marinoff v. REV Group, Inc. et al., No. 18-cv-05095 was filed on June 8, 2018, and has been assigned to Judge S. James Otero.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose operational issues in its facilities as well as plan management within its IPO’s registration statement. The Company had touted that its vehicle backlog allowed it to predict future net sales and production needs.
Specifically, on June 6, 2018, REV reported its second quarter 2018 results for the period ended April 30, 2018, claiming that its earnings were “adversely impacted by near term commodity price inflation, supply chain constraints and shortfalls in [their] Commercial Segment.”
After the announcement, REV’s share price fell from $17.91 per share on June 6, 2018 to a closing price of $14.52 on June 7, 2018—a $3.39 or a 18.9% drop. Additionally, this closing price was approximately 34% below its $22 per share IPO price.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding REV’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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