Lead Plaintiff Deadline: 02/10/2020
SUMMARY OF CASE:
A securities class action has been filed against Cintas Corporation (CTAS) on behalf of purchasers of the securities of Cintas between March 6, 2017 through November 13, 2019. This case has been filed in the USDC – D.N.J.
The Complaint alleges defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Cintas never tracked legacy margins following the G&K acquisition; (2) the Company has systematically provided guidance with which it would outperform (a “Beat and Raise” scheme); (3) undisclosed to the investing public, the Company has breached the law multiple times; (4) as a result of publicly known and undisclosed breaches of law, the Company’s Credit Agreement may be jeopardized; and (5) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. The lawsuit claims that when the truth was disclosed in the Spruce Point Capital Management investment research report, investors suffered damages.