PR Newswire | Aug 21, 2020 12:38PM EDT

Securities Fraud

08/21 11:38 CDT

Investor Alert: Kaplan Fox Investigates GFL Environmental For Potential Securities Fraud NEW YORK, Aug. 21, 2020

NEW YORK, Aug. 21, 2020 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of GFL Environmental Inc. ("GFL" or the "Company") (NYSE: GFL).

In early March 2020, GFL conducted its initial public offering ("IPO"), issuing 75 million shares priced at $19 per share.

On August 18, 2020 Spruce Point Capital Management ("Spruce Point") released a research opinion on GFL. Among other things, Spruce Point states as follows:

Finds GFL has Obfuscated its Executives' Failures and Highly-Questionable Relationships, Including CEO Patrick Dovigi's Connections to What Observers Have Dubbed "Organized Crime"

Makes the Case that GFL is an Opaque, Unsustainable Roll-Up of Roll-Ups Failing to Grow Free Cash Flow and Failing to Provide an Accurate Depiction of its Leverage

Highlights Aggressive Accounting and Reporting of Revenue, EBITDA, Cash Flow, Adjusted EPS and Capex - Pointing to Financial Control Issues Overlooked During GFL's 2020 IPO led by Underwriters JPMorgan Chase and Goldman Sachs

Underscores Belief that H1 2020 Adjusted Free Cash Flow is 60% Lower Than it Appears on the Surface

Following publication of the Spruce Point report, GFL's stock price fell by $1.75 per share, over 8%, to close at $19.48 per share on August 18, 2020.

If you purchased GFL shares and would like to discuss our investigation, please contact us by emailing jcampisi@kaplanfox.com or by calling (212) 329-8571.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:

Jeffrey P. CampisiKAPLAN FOX & KILSHEIMER LLP850 Third Avenue, 14th FloorNew York, New York 10022(212) 329-8571E-mail: jcampisi@kaplanfox.com

Laurence D. KingKAPLAN FOX & KILSHEIMER LLP1999 Harrison Street, Suite 1560Oakland, California 94612(415) 772-4704Fax: (415) 772-4707E-mail: lking@kaplanfox.com

View original content: http://www.prnewswire.com/news-releases/investor-alert-kaplan-fox-investigates-gfl-environmental-for-potential-securities-fraud-301116397.html

SOURCE Kaplan Fox & Kilsheimer LLP