An investigation on behalf of investors of GFL Environmental Inc. (NYSE: GFL) shares over potential securities laws violations by GFL Environmental Inc. and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of GFL Environmental Inc. (NYSE: GFL) concerning whether a series of statements by GFL Environmental Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Canada based GFL Environmental Inc. operates as a diversified environmental services company in North America. GFL Environmental Inc. reported that its annual Total Revenue rose from over $1.33 billion in 2017 to over $3.34 billion in 2018, and that its Net Loss increased from $100.98 million in 2017 to $451.65 million in 2018.

On or about March 3, 2020, GFL Environmental Inc. sold about 75 million shares of stock in its initial public stock offering (the 'IPO'), at $19.00 a share raising nearly $1.43 Billion in new capital.

On August 18, 2020, a report was issued alleging, that 'GFL's leverage is understated by aggressive reporting of revenue and EBITDA, and free cash flow burn is understated by ~60%,' claiming that 'this is evidenced by financial restatements without explanation, and by minimizing a material weaknesses of financial controls.'

Shares of GFL Environmental Inc. (NYSE: GFL) declined from $23.27 per share on August 6, 2020 to as low as $17.57 per share on August 19, 2020.