At the time, the company said it had identified a material weakness in its internal controls, primarily related to the “lack of design and makings of effective controls” in connection with the implementation of a new SAP ERP system at its North Carolina manufacturing facility. The saga began in February 2018, when the company attempted to deploy the SAP ERP system.Īccording to the transcript of its first-quarter 2018 earnings call in May 2018, posted on the Seeking Alpha financial blogging site, company executives referenced SAP eight times. In its US Security Exchange Commission (SEC) Form 10-Q first quarter filing of 31 March 2019, Revlon stated that its net sales in the first quarter of 2018 were negatively affected by service level disruptions that occurred at the company’s Oxford, North Carolina, manufacturing facility resulting from the launch of an SAP ERP system. The class action lawsuits draw on evidence from recent quarterly results filings where Revlon admitted it was unable to fulfil product shipments of approximately $64m of net sales and the company incurred $53.6m of incremental charges to remediate the decline in customer services levels Rosen Law Firm, a global investor rights law firm, also announced it had filed a class action lawsuit on behalf of purchasers of the securities of Revlon. On, Bragar Eagel & Squire announced it had filed a class action against Revlon for the disruption caused by its new SAP ERP system. On 21 May, Wolf Haldenstein Adler Freeman & Herz LLP announced that it, too, had filed a federal securities class action lawsuit against Revlon. The lawsuit claims Revlon failed to design, implement and consistently operate effective process-level controls to ensure it appropriately recorded and accounted for inventory, accounts receivable, net sales and cost of goods sold.
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