Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Vertiv Holdings Co (VRT)
NEW YORK, March 25, 2022 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Vertiv Holdings Co (“Vertiv” or the “Company”) (NYSE: VRT) in the United States District Court for the Southern District of New York on behalf of investors who purchased Vertiv stock between April 28, 2021 and February 23, 2022, inclusive (the “Class Period”).
The Complaint alleges that Defendants made false and misleading statements and failed to disclose that: (i) Vertiv could not adequately respond to supply chain issues and inflation by increasing its prices; (ii) as a result of the increasing costs, Vertiv’s earnings would be adversely impacted; and (iii) consequently, Defendants’ positive statements about Vertiv’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On February 23, 2022, Vertiv reported disappointing financial results, including $0.06 earnings per share for fourth quarter 2021, missing analyst estimates of $0.28 per share. Vertiv’s Chief Executive Officer attributed the poor results to management “consistently underestimat[ing] inflation and supply chain constraints for both timing and degree, which dictated a tepid 2021 pricing response.” On this news, the price of Vertiv stock declined by approximately 37%, damaging investors.
Investors who purchased or otherwise acquired shares of Vertiv should contact the Firm prior to the May 23, 2022 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
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