Revlon targeted by class action
This article was originally published in The Rose Sheet
Executive Summary
Class action filed by Berger & Montague, P.C. would include all shareholders who participated in Revlon's exchange offer of Sept. 24, 2009, converting shares of Class A common stock for preferred stock. Following that transaction, Revlon posted "stellar" financial results for its fiscal 2009 third quarter, ended Sept. 30, "causing the company's Class A common stock price to rise by over 300%," according to Berger & Montague's recent release. Stockholders were not apprised of company's expected positive results, though they were entitled to such information before deciding whether to exchange stock, the law firm says. Investors interested in acting as lead plaintiff in the suit are encouraged to contact Berger & Montague, whose office of approximately 70 attorneys "[has] recovered several billion dollars for consumers and investors" as a "pioneer in class action litigation." Revlon's controlling stockholders MacAndrews & Forbes Holdings Inc. proposed to buy out minority stakeholders in spring 2009 (1"The Rose Sheet" April 27, 2009)