In re BrightView Holdings, Inc. Securities Litigation

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In re BrightView Holdings, Inc. Securities Litigation
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The information contained on this website is only a summary of information presented in more detail in the Notice of Pendency of Class Action, Proposed Settlement, and Motion for Attorneys' Fees and Expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.

If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act.

Please read the Notice carefully

IF YOU PURCHASED OR OTHERWISE ACQUIRED BRIGHTVIEW’S PUBLICLY TRADED COMMON STOCK PURSUANT AND/OR TRACEABLE TO THE COMPANY’S OFFERING MATERIALS FOR ITS INITIAL PUBLIC OFFERING ON JUNE 29, 2018 OF 24,495,000 SHARES, AND WERE ALLEGEDLY DAMAGED THEREBY, YOU ARE A CLASS MEMBER.

YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:

  SUBMIT A CLAIM FORM BY                  JANUARY 27, 2021

The only way to get a payment.  See Question 8 in the Notice for details.

  EXCLUDE YOURSELF FROM      THE SETTLEMENT CLASS BY          NOVEMBER 23, 2020

Get no payment.  This is the only option that, assuming your claim is timely brought, might allow you to ever bring or be part of any other lawsuit against Defendants and/or the other Released Defendant Parties concerning the Released Claims.  See Question 11 in the Notice for details.

OBJECT BY NOVEMBER 23, 2020

Write to the Court about why you do not like the Settlement, the Plan of Allocation, and/or Co-Lead Counsel’s Fee and Expense Application.  If you object, you will still be a member of the Settlement Class.  See Question 16 in the Notice for details.

 PARTICIPATE IN A HEARING ON     DECEMBER  14, 2020 AT 1:30 PM AND FILE A   NOTICE OF INTENTION TO APPEAR BY   NOVEMBER 23, 2020

Ask to speak at the Settlement Hearing about the Settlement. See Question 20 in the Notice for details. 

 

  DO NOTHING

Get no payment.  Give up rights.

                                                                                                                                                                                                                                    

Settlement Hearing

The Court will hold the Settlement Hearing remotely, through video conferencing technology on the Zoom Meeting Platform on December 14, 2020 at 1:30 p.m. If you want to attend the video hearing, you must contact the Claims Administrator by calling toll free at (877) 883-8244, by sending an email to info@BrightViewSecuritiesSettlement.com, or by re-visiting this Settlement Website www.BrightviewSecuritiesSettlement.com, in advance to obtain the necessary log-in information.

At this hearing, the Honorable Jeffrey S. Saltz will consider whether: (i) the Settlement is fair, reasonable, adequate, and should be approved; (ii) the Plan of Allocation is fair and reasonable, and should be approved; and (iii) the application of Co-Lead Counsel for an award of attorneys’ fees and payment of litigation expenses is reasonable and should be approved.  The Court will take into consideration any written objections filed in accordance with the instructions in Question 16.  We do not know how long it will take the Court to make these decisions.

You should be aware that the Court may change the date and time of the Settlement Hearing, without another notice being sent to Settlement Class Members.  If you want to attend the hearing, you should check with Co-Lead Counsel or re-visit this website beforehand to be sure that the hearing date and/or time has not changed.          

What is this case about?

BrightView is a leading provider of commercial landscaping services.  Lead Plaintiff’s claims arise from allegedly material misstatements and omissions made by Defendants in the Offering Materials issued in connection with the Company’s IPO of 24,495,000 shares of common stock, which closed on July 2, 2018.  BrightView’s common stock issued in the IPO was registered with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to registration statement filed with the SEC on Form S-1, which following several amendments, was declared effective by the SEC on June 28, 2018 (the “Registration Statement”).  On or about June 29, 2018, BrightView filed with the SEC the final prospectus for the IPO (the “Prospectus”), which forms part of the Registration Statement (the Prospectus and Registration Statement, as amended, are referred collectively as the “Offering Materials”). 

Lead Plaintiff alleges that the Offering Materials presented favorable information about the Company, its operations, and its financial prospects, and touted the Company’s predictable revenue base, long standing customer contracts, and important workforce.  Lead Plaintiff alleges that the Registration Statement failed to disclose that prior to the IPO: (i) the Company was saddled with a multitude of “lower profit” or “less profitable” contracts, and, as a result, had commenced an undisclosed “Managed Exit” initiative to intentionally exit these low profit contracts; (ii) BrightView was unable to obtain employees for its workforce through the H-2B visa program as it historically had, and, without those employees, the Company was facing a labor shortage and increased labor costs; and (iii) the “potential” risks associated with customer retention, cancellation of contracts, and the Company’s workforce, disclosed by Defendants had already materialized, and were not prospective, as Defendants claimed.  Lead Plaintiff alleges that undisclosed issues and the impact they had on the Company’s growth caused the Company’s stock price to fall below the IPO price. 

Beginning in March 2020, the Parties began discussing the possibility of resolving the claims asserted in the Action through mediation.  Lead Plaintiff, BrightView, and the Individual Defendants engaged Michelle Yoshida, a well-respected and experienced mediator, to assist them in exploring a potential negotiated resolution of the claims against all Defendants.  Lead Plaintiff, BrightView, and the Individual Defendants met with Mediator Yoshida during an all-day mediation session on June 4, 2020 and on June 17, 2020.  The June 17, 2020 session concluded with a settlement recommendation from Mediator Yoshida, and on June 22, 2020, the Parties accepted the proposal and reached an agreement in principle to settle the claims against all of the Defendants, subject to the negotiation of a mutually acceptable stipulation of settlement.

The Settlement Benefits

A Settlement in the amount of $11.5 million has been reached in the Action, the terms and conditions of which are set forth in the Settlement Agreement and its Exhibits.  Please review the Settlement Agreement on file with the Court or accessible here, for a full statement of its provisions.

Further Information

This website and the Notice provide an overview of the Settlement.  For more details regarding the Settlement please review the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Claims Administrator or Co-Lead Counsel for further information regarding the Settlement:

Claims Administrator

Brightview Holdings, Inc. Securities Litigation 

c/o A.B. Data, Ltd.

PO Box 173006

Milwaukee, WI  53217

(877) 883-8244

info@BrightViewSecuritiesSettlement.com


Co-Lead Counsel:

Labaton Sucharow LLP

Alfred L. Fatale III Esq.

140 Broadway

New York, NY 10005

(888) 219-8977

settlementquestions@labaton.com


Pomerantz LLP

Patrick V. Dahlstrom, Esq.

10 South La Salle Street

Suite 3505

Chicago, IL  60603

(312) 377-1181

Thornton Law Firm LLP

Guillaume Buell, Esq.

1 Lincoln Street

Boston, MA  82111

(617) 531-3933



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