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REV Group Inc (NYSE: REVG) Investor Securities Class Action Lawsuit 06/08/2018

  • If you purchased shares of REV Group Inc (NYSE: REVG), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
REV Group, Inc. (NYSE: REVG
Security
NYSE: REVG

Case Name
REV Group Shareholder Class Action Lawsuit 06/08/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of Wisconsin

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
REV_Settlement_05_19_2021.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$14,250,000.00

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Summary

May 19, 2021 - A stiplutlation of settlement was filed by the parties.

September 27, 2019 - A second amended consolidated complaint was filed.

November 26, 2018 - A corrected amended consolidated complaint was filed.

November 20, 2018 - An amended consolidated complaint was filed.

August 7, 2018 - The court ordered the case transferred to the U.S. District Court for the Eastern District of Wisconsin.

June 8, 2018 - An investor in shares of REV Group Inc (NYSE: REVG) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by REV Group Inc in connection with certain allegedly false and misleading statements made in connection with REV Group Inc’s initial public offering (“IPO”) on or about January 27, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of REV Group Inc (NYSE: REVG) common shares, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the defendants made false and/or misleading statements and/or failed to disclose that, REV Group Inc was unable to use its “strong visibility into future net sales” to “effectively plan” and manage its backlog of vehicles, REV Group Inc facilities were not operating efficiently or at a low cost to satisfy customer demand, and that as a result, defendants’ public statements were materially false and misleading at all relevant times. Milwaukee, WI based REV Group Inc designs, manufactures, and distributes specialty vehicles in the United States, Canada, Europe, Africa, the Middle East, and internationally.

On or about January 17, 2017, REV Group Inc sold 12,500,000 million shares of stock in its initial public stock offering, at $22.

Then, in October 2017, a secondary offering of 10,000,000 shares of common stock by certain selling stockholders was sold at the public offering price of $27.25 per share. REV Group Inc reported that its annual Total Revenue rose from over $1.92 billion for the 12 months period that ended on October 29, 2016 to over $2.26 billion for the 12 months period that ended on October 31, 2017 and that its Net Income increased for those respective time periods from $30.19 million to $31.37 million.

On Wednesday, June 6, 2018, REV Group Inc reported net sales in the second quarter of 2018 were $608.9 million. Adjusted net income for the second quarter 2018 was $15.6 million, or $0.24 per diluted share, a decline of 17.9% compared to $19.0 million, or $0.29 per diluted share, in the second quarter 2017.

Since the IPO and secondary offering, REV Group Inc stock has declined from $33.15 per share in early 2018 to as low as $12.87 per share on June 7, 2018.

Date Settled