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Lawsuit filed for Investors in shares of ServiceMaster Global Holdings, Inc. (NYSE: SERV)

04-20-2020 10:55 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in ServiceMaster Global Holdings, Inc. (NYSE: SERV) shares.

A lawsuit was filed on behalf of investors in ServiceMaster Global Holdings, Inc. (NYSE: SERV) shares.

An investor, who purchased shares of ServiceMaster Global Holdings, Inc. (NYSE: SERV), filed a lawsuit over alleged Securities Laws violations by ServiceMaster Global Holdings, Inc.

Investors who purchased shares of ServiceMaster Global Holdings, Inc. (NYSE: SERV) have certain options and for certain investors are short and strict deadlines running. Deadline: June 9, 2020. NYSE: SERV investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On October 22, 2019 ServiceMaster Global Holdings, Inc announced its preliminary financial results for the third quarter of 2019. ServiceMaster Global Holdings, Inc missed estimates of both revenue and earnings. ServiceMaster Global Holdings, Inc also gave downward adjusted EBITDA guidance of $415 to $425 million, down from $435 to $445 million. According to the Company's press release, the disappointing results were in part due to "termite damage claims arising primarily from Formosan termite activity," primarily in Mobile, Alabama. According to the Company, this was a known issue, and it had taken mitigation efforts, "starting in 2018." The Company also announced the sudden department of Terminix Residential President Matthew J. Stevenson. Based on this news, shares of ServiceMaster fell by 20% on the same day.

On November 5, 2019, before the start of trading, ServiceMaster Global Holdings, Inc released its third quarter 2019 financial results. In this press release discussing the "challenging quarter," the Company revealed that it had been impacted by certain "legacy risks," including "termite damage claims." That same day, ServiceMaster Global Holdings, Inc held an earnings call with analysts and investors to discuss ServiceMaster's third quarter 2019 financial results. On the call, ServiceMaster Global Holdings, Inc informed the market that the increase in termite litigation--which had occurred "[i]n the past few years"--had impacted termite revenue and these issues would continue throughout 2020.

The plaintiff claims that between February 26, 2019 and November 4, 2019, the defendants repeatedly assured the market that ServiceMaster was successfully executing upon initiatives to improve the performance in the Terminix segment, that the defendants stated that Terminix would reach a positive "inflection point" and was "definitely the driver" for positive trends expected in the second half of 2019, that unbeknownst to investors, however, in the past several years the Terminix segment had experienced an adverse trend of costly termite litigation, primarily related to Formosan termite activity, and that this negative trend, which would ultimately impact ServiceMaster's current and future financial results, was known to Defendants between February 26, 2019 and November 4, 2019, as by their own later admission they had been taking mitigating measures since 2018.

Those who purchased shares of ServiceMaster Global Holdings, Inc. (NYSE: SERV) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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