Revlon, Inc. Securities Litigation (2019)

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Lawsuit Overview

Defendant:Revlon, Inc.
Date Filed:May 14th, 2019
Sector:Consumer Non-Durables
Industry:Package Goods/Cosmetics

According to the Complaint, Revlon purports to manufacture, market, distribute, and sell beauty and personal care products worldwide.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Revlon failed to create measures to monitor its enterprise resource planning ("ERP") system appropriately once implemented; (2) Revlon failed to design, implement and consistently operate effective process-level controls to ensure that it appropriately (a) recorded and accounted for inventory, accounts receivable, net sales and cost of goods sold, (b) reconciled balance sheet accounts, (c) reviewed and approved the complete population of manual journal entries, and (d) used complete and accurate information in performing manual control, which constituted a material weakness in its internal controls over financial reporting; (3) as a result of the poor preparation and planning of the implementation of the ERP system, Revlon was unable to fulfill product shipments of approximately $64 million of net sales and the Company incurred $53.6 million of incremental charges to remediate the decline in customer services levels; and (4) as a result, Defendants' statements about Revlon's business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.

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First Identified Complaint

Theodore Lachman, et al. v. Revlon, Inc., et al.

Date Filed:May 14th, 2019
Class Period Start:March 12th, 2015
Class Period End:March 28th, 2019
First Identified Complaint Filings
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