Glancy Prongay & Murray LLP Alerts Investors of Class Action Deadline Against Rentokil Initial plc

LOS ANGELES, Dec. 30, 2024 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP ("GPM") is reminding investors about the upcoming January 27, 2025 deadline to file a motion to become a lead plaintiff in the class action lawsuit against Rentokil Initial plc ("Rentokil" or the "Company") concerning its American Depositary Shares ("ADSs"). This lawsuit is on behalf of all investors who purchased or acquired Rentokil ADSs between December 1, 2023 and September 10, 2024, which is referred to as the "Class Period".

If you have suffered losses on your investment in Rentokil or wish to explore your options for claiming those losses under federal securities laws, you can submit your information at www.glancylaw.com/cases/Rentokil-Initial-plc/. For additional information regarding your rights, you can reach out to Charles H. Linehan at GPM by calling 310-201-9150 or toll-free at 888-773-9224, or by sending an email to [email protected].

On April 18, 2024, Rentokil reported its financial results for the first quarter of 2024, revealing that the organic revenue growth in North America was only 1.5% compared to the previous year, which was below the guidance of 2% for that quarter. Following this news, the company’s stock price dropped by $2.64, or 9.3%, closing at $25.61 per ADS on the same day.

Then, on September 11, 2024, Rentokil issued an unexpected "Trading Update", indicating that it now projected only 1% organic revenue growth in North America for the second half of 2024. This update was attributed to weaker trading performance in July and August and some minor disruptions in organic growth due to branch integration. The company stated these issues reflected "execution challenges" that they were facing.

Consequently, Rentokil's stock price fell by $6.65, or 21%, reaching a closing price of $24.95 per ADS on September 11, 2024.

The complaint in this class action claims that during the Class Period, the defendants made false or misleading statements and concealed significant negative information about the company’s business, operations, and outlook. Specifically, the allegations point out that defendants failed to disclose: (1) issues caused by early piloting of the Terminix integration; (2) ongoing major execution difficulties in integrating Terminix; (3) implications of these challenges for the integration plan; (4) that Rentokil and Terminix were still operating as separate entities; (5) how the failure to integrate adversely affected revenue growth; and (6) that their optimistic statements regarding the business were misleading and unsupported by evidence.

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If you acquired Rentokil ADSs during the specified Class Period, you can file a motion with the Court to be appointed as lead plaintiff by January 27, 2025. It’s important to note that you need not take any action to be part of the class action; you may choose to retain an attorney or simply remain an absent member. For more details about the class action, or if you have questions about your rights or options regarding this lawsuit, please contact Charles Linehan at GPM, located at 1925 Century Park East, Suite 2100, Los Angeles, California 90067, call 310-201-9150, toll-free at 888-773-9224, or email [email protected]. When reaching out via email, please include your mailing address, phone number, and the number of shares you purchased.

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lawsuit, investors, classaction