***IMPORTANT CASE UPDATE***

On May 13, 2022 settlement checks were mailed to all eligible Settlement Class Members.

The information contained on this website is only a summary of information presented in more detail in the Notice of Pendency of Class Action, Proposed Settlement, and Motion for Attorneys' Fees and Expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.

If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act.

Please read the Notice carefully

IF YOU PURCHASED OR OTHERWISE ACQUIRED BRIGHTVIEW’S PUBLICLY TRADED COMMON STOCK PURSUANT AND/OR TRACEABLE TO THE COMPANY’S OFFERING MATERIALS FOR ITS INITIAL PUBLIC OFFERING ON JUNE 29, 2018 OF 24,495,000 SHARES, AND WERE ALLEGEDLY DAMAGED THEREBY, YOU ARE A CLASS MEMBER.

Settlement Hearing

The Court held a final Settlement Hearing on December 14, 2020 and approved the Settlement, proposed Plan of Allocation and the motion requesting attorneys' fees and expenses. A copy of the order can be accessed on the Court Documents section.        

What is this case about?

BrightView is a leading provider of commercial landscaping services.  Lead Plaintiff’s claims arise from allegedly material misstatements and omissions made by Defendants in the Offering Materials issued in connection with the Company’s IPO of 24,495,000 shares of common stock, which closed on July 2, 2018.  BrightView’s common stock issued in the IPO was registered with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to registration statement filed with the SEC on Form S-1, which following several amendments, was declared effective by the SEC on June 28, 2018 (the “Registration Statement”).  On or about June 29, 2018, BrightView filed with the SEC the final prospectus for the IPO (the “Prospectus”), which forms part of the Registration Statement (the Prospectus and Registration Statement, as amended, are referred collectively as the “Offering Materials”). 

Lead Plaintiff alleges that the Offering Materials presented favorable information about the Company, its operations, and its financial prospects, and touted the Company’s predictable revenue base, long standing customer contracts, and important workforce.  Lead Plaintiff alleges that the Registration Statement failed to disclose that prior to the IPO: (i) the Company was saddled with a multitude of “lower profit” or “less profitable” contracts, and, as a result, had commenced an undisclosed “Managed Exit” initiative to intentionally exit these low profit contracts; (ii) BrightView was unable to obtain employees for its workforce through the H-2B visa program as it historically had, and, without those employees, the Company was facing a labor shortage and increased labor costs; and (iii) the “potential” risks associated with customer retention, cancellation of contracts, and the Company’s workforce, disclosed by Defendants had already materialized, and were not prospective, as Defendants claimed.  Lead Plaintiff alleges that undisclosed issues and the impact they had on the Company’s growth caused the Company’s stock price to fall below the IPO price. 

Beginning in March 2020, the Parties began discussing the possibility of resolving the claims asserted in the Action through mediation.  Lead Plaintiff, BrightView, and the Individual Defendants engaged Michelle Yoshida, a well-respected and experienced mediator, to assist them in exploring a potential negotiated resolution of the claims against all Defendants.  Lead Plaintiff, BrightView, and the Individual Defendants met with Mediator Yoshida during an all-day mediation session on June 4, 2020 and on June 17, 2020.  The June 17, 2020 session concluded with a settlement recommendation from Mediator Yoshida, and on June 22, 2020, the Parties accepted the proposal and reached an agreement in principle to settle the claims against all of the Defendants, subject to the negotiation of a mutually acceptable stipulation of settlement.

The Settlement Benefits

A Settlement in the amount of $11.5 million has been reached in the Action, the terms and conditions of which are set forth in the Settlement Agreement and its Exhibits.  Please review the Settlement Agreement on file with the Court or accessible here, for a full statement of its provisions.

Further Information

This website and the Notice provide an overview of the Settlement.  For more details regarding the Settlement please review the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Claims Administrator or Co-Lead Counsel for further information regarding the Settlement:

Claims Administrator

Brightview Holdings, Inc. Securities Litigation 

c/o A.B. Data, Ltd.

PO Box 173006

Milwaukee, WI  53217

(877) 883-8244

info@BrightViewSecuritiesSettlement.com

Co-Lead Counsel:

Labaton Sucharow LLP

Alfred L. Fatale III Esq.

140 Broadway

New York, NY 10005

(888) 219-8977

settlementquestions@labaton.com

Pomerantz LLP

Patrick V. Dahlstrom, Esq.

10 South La Salle Street

Suite 3505

Chicago, IL  60603

(312) 377-1181

Thornton Law Firm LLP

Guillaume Buell, Esq.

1 Lincoln Street

Boston, MA  82111

(617) 531-3933