Faruqi & Faruqi Securities LLP partner James (Josh) Wilson encourages investors who have suffered losses exceeding $75,000 in Rentokil to contact him directly to discuss their options.
If you suffer losses exceeding $75,000 Rentokil Between December 1, 2023 and September 10, 2024 If you would like to discuss your legal rights, contact Farooqui & Farooqui Partner Josh Wilson live in 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – December 22, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Initial rentokil (LON:) plc (“Rentokil” or the “Company”) (NYSE: RTO) reminds investors of January 27, 2025 deadline For the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Farooqui & Farooqui is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated the federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Rentokil experienced levels of disruption in early beta programs for the Terminix integration ; (2) Rentokil faced significant and ongoing self-implementation challenges during the integration of Terminix; (3) disruption and implementation challenges jeopardized Rentokil's integration plan for Terminix; (4) Rentokil and Terminix were still separate companies and had not yet merged; (5) Rentokil's failure to integrate Terminix negatively impacted the Company's business and operations, particularly organic revenue growth in North America; and (6) as a result of the above, Defendants' positive statements about the Company's business, operations, and future prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
The truth began to be revealed before the markets opened on April 18, 2024, when Rentokil issued a press release announcing its financial results for the first quarter of 2024, stating that organic revenue growth in North America increased by only 1.5% year over year. For the year, that's below the company's guidance of 2% for the first quarter and 2% to 4% for the full year, which was issued just six weeks ago. During the corresponding earnings call held later that day, Chief Executive Officer (“CEO”) Andrew M. Ransom assured investors that “our integration program is on the right track(,)” while Chief Financial Officer (“CFO”) Stuart M. Ingall Toombs “We are very confident in our revenue guidance now.” On this news, Rentokil's advertising price decreased by more than 9%, from a closing price of $28.25 per ad on April 17, 2024, to a closing price of $25.61 per ad on April 18, 2024.
The truth was revealed on September 11, 2024 when, before markets opened, Rentokil provided an unscheduled “trading update,” announcing that the company now expects organic growth of just 1% in North America for the second half of 2024 – much lower than expected. Company advance directive. In the related press release, Rentokil revealed that “trading performance in July and August was lower than expected. There was also some modest disruption to organic growth from branch integration.” During a related conference call with analysts held later the same day, CFO Ingal Toombs revealed that after nearly two years of integration efforts, “I think what we've still got is that we have two separate companies, which are very much at the interface An operational front end that has not yet been integrated During the same conference call, CEO Ransom acknowledged: “This is a manifestation of the implementation challenges, the implementation – the need to improve our implementation. It is not a market phenomenon. And as we can see at the moment, if additional information comes to light, it says (sic) We reserve the right to change this answer, but I don't think this is the market (,) I think this is on us.” Based on this news, Rentokil's advertising price fell by more From 21%, from a closing price of $31.60 per ad on September 10, 2024, to a closing price of $24.95 per ad on September 11, 2024.
A court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class and is appropriate and typical for members of the class who direct and oversee litigation on behalf of the putative class. Any member of the putative class may ask the court to serve as lead plaintiff through counsel of their choice, or they may choose to do nothing and remain an absent member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Rentokil's conduct to contact the company, including whistleblowers, former employees, shareholders and others.
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Lawyer advertisement. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar result with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234400
