A lawsuit was filed on behalf of investors in Revlon, Inc. (NYSE: REV) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 05/29/2019 -- An investor, who purchased shares of Revlon, Inc. (NYSE: REV), filed a lawsuit over alleged violations of Federal Securities Laws by Revlon, Inc. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Revlon, Inc. (NYSE: REV) have certain options and for certain investors are short and strict deadlines running. Deadline: July 15, 2019. NYSE: REV investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
New York based Revlon, Inc., through its subsidiaries, develops, manufactures, markets, distributes, and sells beauty and personal care products worldwide.
The plaintiff claims that between March 12, 2015 and March 28, 2019, 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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