Initial Lawsuit
A Vertiv Holdings Co shareholder filed a securities class action on behalf of persons and entities that: (a) purchased shares of Vertiv’s class A common stock between February 24, 2021, and February 23, 2022, inclusive; and/or (b) purchased Vertiv shares in or traceable to the company’s secondary public offering of class A common stock conducted on or around November 4, 2021 (SPO).
- Filing Date
05/03/2022 - Class Period
02/24/2021 to 02/23/2022 - Transgression
Securities Violation - Filing Firms
Bernstein Litowitz Berger & Grossman LLP - Case Title
City of Riviera Beach General Employees' Retirement System v. Vertiv Holdings Co - Docket Number
1:22-cv-03572 - Court
New York Southern District Court - Free File
Complaint
Allegations
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(i) Vertiv’s “pricing initiatives” were ineffective and the company’s sales force was not capable of driving higher pricing and passing costs on to customers;
(ii) Instead, the sales team had resorted to discounting in order to drive
sales and build the company’s backlog, which resulted in lower margins and profitability.
Defendants
- Company
Vertiv Holdings Co - Chief Executive Officer
Rob Johnson - Chief Financial Officer
David Fallon - Chief (Other)
Jason Forcier - Chief Strategic Officer
Gary Niederpruem - Executive Chairman
David Cote - Director
Joseph van Dokkum - Director
Roger Fradin - Director
Jacob Kotzubei - Director
Matthew Louie - Director
Edward L. Monser - Director
Steven S. Reinemund - Director
Robin L. Washington - Owner
VPE Holdings, LLC - Owner
JV Holdings - Owner
PE Holdings - Owner
Platinum Equity, LLC - Chairman
Tom Gores - Underwriter
J.P. Morgan Securities LLC
See Complaint for Additional Defendants . . .- Underwriter
Citigroup Global Markets Inc.
