LOS ANGELES, July 01, 2019 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Revlon, Inc. (“Revlon” or “the Company”) (NYSE: REV) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares between March 12, 2015 and March 28, 2019, inclusive (the ''Class Period''), are encouraged to contact the firm before July 15, 2019.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at email@example.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Revlon failed to develop metrics to monitor its enterprise resource planning (“ERP”) system after it was implemented. The Company also failed to develop and maintain appropriate internal controls on the recording and accounting of inventory, receivables, net sales, and cost of goods sold in the ERP system. The Company was incapable of maintaining controls on other related accounting activities, such as approving manual journal entries. Due to the poor implementation of its ERP system, Revlon failed to fulfill order shipments totaling $64 million, causing $53.6 million in incremental charges to triage declining customer service levels. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Revlon, investors suffered damages.
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