NEW YORK, June 20, 2018 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of REV Group, Inc. (“REV” or the “Company”) (NYSE:REVG) in connection with the Company’s January 27, 2017 initial public offering. The lawsuit seeks to recover REV shareholders’ investment losses.
If you invested in REV securities, and lost money on the transactions, please visit our REV SHAREHOLDER PAGE or contact Daniel Sadeh toll free at (877) 779-1414 or dsadeh@bernlieb.com.
According to the lawsuit, Defendants made false and/or misleading statements and/or failed to disclose that: (1) REV was unable to use its “strong visibility into future net sales” to “effectively plan” and manage its backlog of vehicles; (2) REV facilities were not operating efficiently or at a low cost to satisfy customer demand; and (3) as a result, Defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On June 6, 2018, during aftermarket hours, REV disclosed that: (1) the Company’s 2Q18 adjusted EPS was approximately 33% below consensus expectations; and (2) the Company was cutting its fiscal year 2018 net income guidance by 15%. REV attributed the shortfall to “cost inflation,” the unavailability of chassis, and “lower-than-expected sales of certain higher-content product categories including custom fire apparatus, large commercial buses, and Class A RVs.” REV’s stock fell 20% after these disclosures.
If you wish to serve as lead plaintiff, you must move the Court no later than August 7, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information
Daniel Sadeh
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
dsadeh@bernlieb.com