Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Jan. 24, 2025 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Rentokil Initial plc ("Rentokil" or the "Company") (NYSE: RTO) investors of a class action representing investors that bought securities between December 1, 2023 and September 10, 2024, inclusive (the "Class Period"). Rentokil investors have until January 27, 2025 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Rentokil, a global provider of pest control, hygiene, and wellness services, is involved in a class action lawsuit. The case centers around Rentokil’s announcement on October 12, 2022, that it had completed the $6.7 billion acquisition of Terminix Global Holdings, Inc., based in Memphis, Tennessee. This deal included $1.34 billion in cash and more than 129 million new Rentokil American Depositary Shares (ADSs).
The lawsuit claims that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose key information, including: (i) Rentokil faced disruptions during the initial stages of integrating Terminix; (ii) Rentokil encountered substantial and ongoing challenges in the integration process; (iii) these issues jeopardized Rentokil’s ability to successfully integrate Terminix; (iv) Rentokil and Terminix remained separate businesses without full integration; and (v) the failure to integrate Terminix had a negative effect on Rentokil’s business, particularly its organic revenue growth in North America.
The class action also highlights an April 18, 2024, report in which Rentokil revealed that organic revenue growth in North America had only risen by 1.5% year-over-year. This was significantly below the company’s earlier guidance of 2% for Q1 and 2% to 4% for the full year, which had been issued just six weeks prior, on March 7, 2024. As a result, Rentokil’s ADS price dropped by more than 9%, according to the lawsuit.
Additionally, on September 11, 2024, Rentokil released an unscheduled “Trading Update” forecasting just 1% organic revenue growth in North America for the second half of 2024, far below its previous guidance. Following this announcement, Rentokil's ADS price declined by over 21%, as stated in the lawsuit.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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