LOS ANGELES, Jan. 14, 2020 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming February 10, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Cintas Corp. (“Cintas” or the “Company”) (NASDAQ: CTAS) investors who purchased securities between March 6, 2017 and November 13, 2019, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.
On November 13, 2019, Spruce Point Capital Management (“Spruce Point”) issued a report alleging, based on information from FOIA requests, that “Cintas’ Fire Protection Services was charged with fraud and is causing a public safety hazard by having workers conduct fire and safety inspections without proper licenses or permits, and falsifying inspections.” Spruce Point also alleged that management may have misreported revenue and expenses for G&K Services, Inc., which the Company had acquired in 2017 for $2.1 billion.
On this news, Cintas' stock price fell $3.61 per share to close at $255.24 per share on November 13, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, 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 failed to disclose to investors: (1) that Cintas never tracked legacy margins following the G&K acquisition; (2) that the Company has systematically provided guidance with which it would outperform (a "Beat and Raise" scheme); (3) that undisclosed to the investing public, the Company has breached the law multiple times; (4) that as a result of publicly known and undisclosed breaches of law, the Company's Credit Agreement may be jeopardized; and (5) that, as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
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If you purchased or otherwise acquired Cintas securities during the Class Period, you may move the Court no later than February 10, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com