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Waste Management, Inc.


A securities class action has been filed against Waste Management, Inc. (WM) on behalf of shareholders who purchased Waste Management senior redeemable notes issued by WM in May 2019: (i) 2.95% Senior Notes due 2024; (ii) 3.20% Senior Notes due 2026; (iii) 3.45% Senior Notes due 2029; and (iv) 4.00% Senior Notes due 2039 between February 13, 2020 through June 23, 2020.  This case has been filed in the USDC – S.D.N.Y.

The Complaint alleges that the defendants made false and misleading statements regarding the regulatory antitrust review of the merger between WM and Advanced Disposal Services, Inc. (“ADS”) (the “Merger”), which caused the prices of the Notes to trade at artificially inflated levels during the Class Period. Specifically, Defendants’ statements were materially false and misleading when made because they misrepresented and failed to disclose the following adverse facts, which were known to defendants or recklessly disregarded by them, as follows: (a) that the DOJ had indicated to WM that it would require the Company to divest significantly more assets than the $200 million Antitrust Revenue Threshold; (b) that, as a result of (a) above, the Merger would not be completed by the End Date; and (c) that, as a result of (a)-(b) above, the Notes would be subject to mandatory redemption at 101% of par.

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Securities