PR Newswire | Aug 20, 2020 08:45AM EDT

Investors Suffering Losses Encouraged to Contact Firm

08/20 07:44 CDT

GFL Alert: Johnson Fistel Launches Investigation into GFL Environmental; Investors Suffering Losses Encouraged to Contact Firm SAN DIEGO, Aug. 20, 2020

SAN DIEGO, Aug. 20, 2020 /PRNewswire/ -- Shareholder Rights Law Firm Johnson Fistel, LLP, is investigating potential claims against GFL Environmental Inc. ("GFL" or "the Company") (NYSE: GFL) for violations of federal securities laws.

On or about March 3, 2020, GFL sold about 75 million shares of stock in its initial public stock offering (the "IPO"), at $19.00 a share raising nearly $1.43 Billion in new capital. On August 18, 2020, Spruce Point Management issued a report alleging, that "GFL's leverage is understated by aggressive reporting of revenue and EBITDA, and free cash flow burn is understated by ~60%," claiming that "this is evidenced by financial restatements without explanation, and by minimizing a material weaknesses of financial controls."

Specifically, Johnson Fistel's investigation seeks to determine whether the Company's filings with the U.S. Securities and Exchange Commission in connection with its March 2020 IPO and subsequent investor communications contained untrue statements of material facts or omitted to state other facts necessary to make the statements made therein not misleading concerning the Company's business, and operations.

If you have information that could assist in this investigation, or if you are aGFL shareholder and are interested in learning more about the investigation, please contact Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.

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About Johnson Fistel, LLP:Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:Johnson Fistel, LLPJim Baker, 619-814-4471 jimb@johnsonfistel.com

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SOURCE Johnson Fistel, LLP