GFL Environmental Inc. Responds to Misleading and Inaccurate Short and Distort Report

Rhea-AI Summary

GFL Environmental Inc. (NYSE: GFL) has issued a response to a report by Spruce Point Capital Management, which it claims contains numerous inaccuracies regarding its management and financial practices. GFL asserts that Spruce Point's report aims to manipulate the stock price for profit. GFL's lead independent director, Dino Chiesa, expressed disappointment over the baseless allegations and reaffirmed confidence in the company's strategy and ethical standards. GFL, a major player in environmental services across North America, serves over 135,000 customers, showcasing its commitment to long-term shareholder value.

Positive

• GFL reaffirms its commitment to ethical standards and shareholder value.
• Company serves over 135,000 commercial and industrial customers, indicating a solid market base.
• GFL operates as a major environmental service provider in North America, showcasing its industry strength.

Negative

• Spruce Point Capital's report could negatively impact market perception of GFL.
• The company faces potential volatility as a result of misleading allegations.

VAUGHAN, ON, Aug. 18, 2020 /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL") commented on the misleading and false statements reported today by Spruce Point Capital Management relating to GFL's management and its financial and business practices.  The report contains numerous inaccuracies and mischaracterizations, which GFL believes are solely intended to benefit Spruce Point, who has disclosed that it stands to profit significantly in the event that the stock price of GFL declines.

"We are very disappointed by the baseless report put out today by Spruce Point Capital," said Dino Chiesa, lead independent director of the board of GFL. "Spruce Point has never engaged with the company and the report is without merit.  We have the support of our shareholders and the utmost confidence in management, who have held themselves to the highest ethical standards. We continue to believe in the strategy of the business and its focus on creating long-term shareholder value."

About GFL

GFL, headquartered in Vaughan, Ontario, is the fourth largest diversified environmental services company in North America, providing a comprehensive line of non-hazardous solid waste management, infrastructure & soil remediation and liquid waste management services through its platform of facilities throughout Canada and in 23 states in the United States. Across its organization, GFL has a workforce of more than 13,000 employees and provides its broad range of environmental services to more than 135,000 commercial and industrial customers and its solid waste collection services to more than 4 million households.

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SOURCE GFL Environmental Inc.

FAQ

What did GFL Environmental say about the report from Spruce Point Capital?

GFL Environmental stated that the report by Spruce Point Capital is misleading and filled with inaccuracies, aimed at benefiting Spruce Point financially.

How many customers does GFL Environmental serve?

GFL Environmental serves over 135,000 commercial and industrial customers and provides solid waste collection services to more than 4 million households.

What is the status of GFL Environmental's stock amidst the report?

GFL Environmental is concerned that the report could negatively affect its stock price due to the misleading nature of the allegations.