Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Western District of Tennessee on behalf of shareholders of Rentokil Initial plc (the “Company”) (NYSE: RTO), if they purchased the Company’s American Depositary Shares (“ADSs”) between December 1, 2023 and September 10, 2024, inclusive (the “Class Period”).
Rentokil and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On September 11, 2024, pre-market, the Company provided an unscheduled “Trading Update,” announcing that it now expected only 1% organic revenue growth in North America for the second half of 2024—well below the Company’s prior guidance, also disclosing that “While we saw some positive momentum in North America sales activity at the end of the second quarter, the trading performance in July and August was lower than anticipated. There has also been some modest disruption to organic growth from branch integration.”
On this news, the price of Rentokil ADSs fell by over 21%, from a closing price of $31.60 per ADS on September 10, 2024, to a closing price of $24.95 per ADS on September 11, 2024.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until January 27, 2025 to request that the court appoint them lead plaintiff.