On or around 08/24/2021 (Settlement preliminarily approval)
Filing Date: June 08, 2018
Plaintiff's law firm issued a press release on June 8, 2018, announcing the lawsuit on behalf of purchasers of REV Group, Inc. (NYSE:REVG) securities pursuant and/or traceable to REV Group’s initial public offering (“IPO”) on or about January 27, 2017. The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) REV Group was unable to use its “strong visibility into future net sales” to “effectively plan” and manage its backlog of vehicles; (2) REV Group facilities were not operating efficiently or at a low cost to satisfy customer demand; and (3) as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On August 7, 2018, the Court issued an Order transferring this action to the United States District Court for the Eastern District of Wisconsin. On August 27, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated amended Complaint on November 20. On November 26, Lead Plaintiff filed a corrected consolidated amended Complaint. Lead Plaintiff filed a second consolidated amended Complaint on September 27, 2019.
On March 18, 2021, the parties notified the Court that they had reached an agreement in principle for a Class Settlement. The parties entered into a Stipulation and Agreement of Settlement on May 19. On August 24, the Court granted preliminary approval of the Settlement.
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