VRT Stock News: Robbins LLP is Investigating Vertiv Holdings Co. (VRT) on Behalf of Shareholders
SAN DIEGO–(BUSINESS WIRE)–$VRT #classaction–Shareholder rights law firm Robbins LLP is investigating Vertiv Holdings Co. (NYSE: VRT) and its officers and directors to determine whether they breached their fiduciary duties and violated securities laws in relation to the Company’s failure to disclose it would be impacted by inflation and supply chain restraints.
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.”
If you would like more information about our investigation of Vertiv Holdings Co.’s misconduct, click here.
What is this Case About: According to a complaint filed against Vertiv, between April 28, 2021 and February 23, 2022, defendants noted strong net sales growth and increased profits. On April 28, 2021, the Company increased its full year 2021 adjusted operating profit guidance, which purportedly included “the expected negative net impact in the remainder of the year of higher commodity and freight costs.” On October 27, 2021, the Company reported an increase in net sales growth. Though supply chain issues continued, the Company acknowledged, “[c]ost containment actions have been accelerated heading into our fourth quarter to mitigate impacts from increased supply chain disruptions.”
These statements proved to be false. Defendants failed to disclose to investors that the Company could not adequately respond to supply chain issues and inflation by increasing its prices, and that as a result of increasing costs, Vertiv’s earnings would be adversely impacted.
On February 23, 2022, Vertiv reported disappointing financial results. Vertiv’s CEO attributed the poor results to management “consistently underestimate[ing] inflation and supply chain constraints for both timing and degree, which dictated a tepid 2021 pricing response.” On this news, the Company’s stock price fell $7.19, or 37%, to close at $12.38 per share on February 23, 2022.
Next Steps: If you acquired shares of Vertiv Holdings Co. (VRT) between April 28, 2021 and February 23, 2022, you have legal options. Contact Robbins LLP for more information.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
Contact us to learn more:
Aaron Dumas
(800) 350-6003
[email protected]
Shareholder Information Form
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Vertiv Holdings Co. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contacts
Aaron Dumas
Robbins LLP
5040 Shoreham Place
San Diego, CA 92122
[email protected]
(800) 350-6003
www.robbinsllp.com
