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Vertiv Holdings Co Class Action Lawsuit - VRT

Company Name
Vertiv Holdings Co
Stock Symbol
VRT
Class Period
February 24, 2021 to February 23, 2022, including purchasers of Vertiv shares in or traceable to Vertiv’s secondary public offering of Class A common stock conducted on or around November 4, 2021
Motion Deadline
May 23, 2022
Court
Southern District of New York
4 days left to seek lead plaintiff status

Case Summary

The Vertiv class action lawsuit seeks to represent purchasers of Vertiv Holdings Co (NYSE: VRT) securities between February 24, 2021 and February 23, 2022, inclusive (the “Class Period”), including purchasers of Vertiv shares in or traceable to Vertiv’s secondary public offering of Class A common stock conducted on or around November 4, 2021 (the “SPO”).  The Vertiv class action lawsuit charges Vertiv, certain of its top executive officers and directors, the SPO’s underwriters, and others with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934.  The Vertiv class action lawsuit was commenced on March 24, 2022 in the Southern District of New York and is captioned Vinings v. Vertiv Holdings Co, No. 22-cv-02416.  A subsequently-filed complaint – captioned City of Riviera Beach General Employees' Retirement System v. Vertiv Holdings Co, No. 22-cv-03572 (S.D.N.Y.) – is also pending.

If you suffered significant losses and wish to serve as lead plaintiff of the Vertiv class action lawsuit, please provide your information by clicking here.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Vertiv class action lawsuit must be filed with the court no later than May 23, 2022.

CASE ALLEGATIONS: Vertiv purports to be a “global leader in the design, manufacturing and servicing of critical digital infrastructure technology that powers, cools, deploys, secures and maintains electronics that process, store and transmit data.”

The Vertiv class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Vertiv could not adequately respond to supply chain issues and inflation by increasing its prices; (ii) as a result of the increasing costs, Vertiv’s earnings would be adversely impacted; and (iii) consequently, defendants’ positive statements about Vertiv’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On February 23, 2022, Vertiv reported disappointing financial results, including $0.06 earnings per share for fourth quarter 2021, missing analyst estimates of $0.28 per share.  Vertiv’s Chief Executive Officer attributed the poor results to management “consistently underestimat[ing] inflation and supply chain constraints for both timing and degree, which dictated a tepid 2021 pricing response.”  On this news, the price of Vertiv stock declined by approximately 37%, damaging investors.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Vertiv securities during the Class Period including purchasers of Vertiv shares in or traceable to Vertiv’s SPO to seek appointment as lead plaintiff in the Vertiv class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit.  An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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