In early March 2020, GFL conducted its initial public offering (“IPO”), issuing 75 million shares at a price of $19.00 per share. On August 18, 2020, Spruce Point Management (“Spruce Point”) published a report entitled “Green for Life, Red For Losses” addressing GFL. Among other things, the Spruce Point report accused Patrick Dovigi, GFL’s Chief Executive Officer, of “obfuscat[ing] connections to what some observers have dubbed ‘organized crime’” and opined that “GFL’s leverage is understated by aggressive reporting of revenue and EBITDA, and free cash flow burn is understated by ~60%,” asserting that “this is evidenced by financial restatements without explanation, and by minimizing a material weaknesses of financial controls.” On August 18, 2020, GFL’s stock price fell $1.75 per share, or 8.245, following publication of the Spruce Point report, to close at $19.48 per share.
GFL Environmental, Inc.
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