Revlon, Inc. (2009)

Summary of Case:

Summary of the Case:

A securities class action has been filed against Revlon, Inc. (2009) (REV) ("Revlon" or the "Company") on behalf of all shareholders of Revlon, Inc., in the Delaware Chancery Court.  

The claims arise from the Revlon, Inc.'s  September 24, 2009 exchange offer (the "Exchange  Offer"), pursuant to which Revlon offered to exchange each outstanding share of its Class A common stock for one share of a newly issued series of Revlon Preferred Stock (the "Series A Preferred").

The complaint alleges that The Exchange Offer was the vehicle used by Revlon's controlling stockholder, MacAndrews & Forbes Holdings Inc., to acquire the shares of Revlon's common stock it did not already own. Following the October 8, 2009 consummation of the Exchange Offer, pursuant to which the members of the Class exchanged their 9,336,905 shares of Rev Ion Class A common stock for shares of Series A Preferred, Revlon announced stellar financial results for its quarter ended September 30, 2009 ("2009 Third Quarter"), causing the Company's common stock price to skyrocket.

The complaint further alleges that despite the fact that the Exchange Offer closed a full week after the close of Revlon's 2009 Third Quarter, its stockholders were not provided with material information about the Company's results possessed by defendants, to which they were entitled before deciding whether to exchange their common stock. The complaint alleges that Plaintiff and the Class suffered as a result of defendants' breaches of their fiduciary duties.

If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.