An investigation on behalf of investors in Rollins, Inc. (NYSE:ROL) shares over potential wrongdoing at Rollins, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 02/09/2023 -- Certain directors of Rollins, Inc. are under investigation over potential breaches of fiduciary duties by certain officers and directors at Rollins, Inc..
Investors who purchased shares of Rollins, Inc. (NYSE: ROL) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Rollins, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
Atlanta, GA based Rollins, Inc., through its subsidiaries, provides pest and termite control services to residential and commercial customers. On October 28, 2020, Rollins, Inc. filed its Form 10-Q with the Securities and Exchange Commission ("SEC"), disclosing an SEC investigation into how the Company established accruals and reserves at period-end and the impact of those accruals and reserves on reported earnings for periods beginning January 1, 2015. The Company's 2020 Form 10-K later disclosed the results of an internal Company-initiated investigation that found a significant deficiency in the Company's internal controls relating to the documentation and review of accounting entries for certain reserves and accruals. Then, on October 29, 2021, Rollins reported that it had initiated discussions with the SEC staff regarding a potential investigation resolution. It booked a related accrual during the third quarter of 2021, which is reflected in the Company's financial statements.
On February 26, 2021, Rollins, Inc. announced that an internal investigation into the same matters found "a significant deficiency in the Company's internal controls relating to the documentation and review of accounting entries for certain reserves and accruals."
Then, on October 29, 2021, Rollins, Inc. stated that it "has initiated discussions with the SEC staff regarding a potential resolution of the investigation" and "recorded an accrual related to this matter in the third quarter of 2021."
Shares of Rollins, Inc. (NYSE: ROL) declined from $40.11 per share in early September 2021, to as low as $31.43 per share on June 17, 2022
On April 18, 2022, the SEC announced that Rollins, Inc. agreed to pay $8 million to settle the charges that Rollins, Inc. made unsupported reductions to its accounting reserves to improperly boost its earnings per share.
Those who purchased shares of Rollins, Inc. (NYSE: ROL) have certain options and should contact the Shareholders Foundation.
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