According to the Complaint, BrightView Holdings, Inc. provides commercial landscaping services in the United States and operates through two segments - Maintenance Services and Development Services.

On or around July 2, 2018, BrightView completed its IPO, in which the Company issued and sold 24,495,000 shares of common stock at an offering price of $22.00 per share, generating net proceeds of approximately $501.2 million after deducting underwriting discounts and commissions and other offering expenses. The shares sold in the offering were registered under the Securities Act pursuant to the Registration Statement, which was declared effective by the SEC on June 27, 2018.

The Complaint alleges that the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) a material portion of BrightView’s contracts were underperforming and/or represented undesirable costs to the Company; (2) as a result of the foregoing, BrightView would implement a “managed exit” strategy to end its low margin and non-profitable contracts with customers; (3) this “managed exit” strategy would negatively impact BrightView’s future revenue throughout 2018, and would continue to do so well into fiscal year 2019; and (4) as a result of the foregoing, Defendants’ positive statements in the Registration Statement about BrightView’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

This case was voluntarily dismissed on June 7, 2019.