Waste Management, Inc.

Ticker: WM,

Class Period Start: 02/13/2020

Class Period End: 06/23/2020

Registration Deadline: 08/08/2022

INVESTOR ALERT:  Lowey Dannenberg, P.C. Files Class Action Against Waste Management, Inc. on Behalf of Investors Who Purchased Waste Management Redeemable Senior Notes Between February 13, 2020 and June 23, 2020, and Encourages Investors with Substantial Losses to Contact the Firm.

Lowey Dannenberg, P.C., a preeminent law firm in obtaining redress for consumers and investors, has filed a class action in the USDC, S.D.N.Y on behalf of its client and all similarly situated investors who purchased or otherwise acquired Waste Management, Inc. (WM) redeemable senior notes (the “Notes”) between February 13, 2020 and June 23, 2020, inclusive (the “Class Period”). The Notes include the following senior redeemable notes issued by Waste Management in May 2019: (i) 2.95% Senior Notes due 2024; (ii) 3.20% Senior Notes due 2026; (iii) 3.45% Senior Notes due 2029; and (iv) 4.00% Senior Notes due 2039. The class action charges Waste Management and its senior executives with violations of the federal securities laws.

On April 14, 2019, Waste Management entered into an agreement and plan of merger to acquire Advanced Disposal Services, Inc. (“ADS”) for $4.9 billion. The merger was conditioned upon, among other things, obtaining antitrust clearance from regulators, including the United States Department of Justice (“DOJ”). Knowing that the transaction posed significant antitrust concerns, Waste Management agreed in the Merger Agreement to divest up to $200 million in revenue-producing assets of the combined companies over a prior 12-month period (the “Antitrust Revenue Threshold”). If DOJ required divestitures in excess of the Antitrust Revenue Threshold, Waste Management had a right to terminate the deal for failure to obtain antitrust approval.

To finance the acquisition, on May 14, 2019, Waste Management issued $4 billion worth of notes in a public offering. As described in the final prospectus for the Notes, four of the five series, totaling $3 billion in principal, were subject to a special mandatory redemption (“SMR”) clause in the merger agreement. The SMR clause required Waste Management to repurchase the Notes for 101% of par in the event the Merger was not completed by July 14, 2020, the end date under the Merger Agreement (the “End Date”). In the prospectus, Waste Management represented that the “Merger will close by the first quarter of 2020.” Throughout the Class Period, Waste Management represented that the deal would close on time.

On June 24, 2020, Waste Management announced that it and ADS had agreed to reduce the merger price by $300 million to $4.6 billion. Waste Management also agreed to divest assets significantly higher than the Antirust Revenue Threshold in order to receive DOJ approval for the deal. Furthermore, Waste Management revealed that the deal was now not expected to close until “the end of the third quarter of 2020” — six months later than defendants had represented at the start of the Class Period and, critically, after the End Date which triggered the SMR redemption feature of the Notes. As a result of this disclosure, the prices of the Notes fell significantly.

The complaint alleges that Waste Management made false and misleading statements to the public throughout the Class Period and failed to disclose material adverse facts that (i) the DOJ had indicated to Waste Management that it would require Waste Management to divest significantly more assets than the $200 million Antitrust Revenue Threshold; (ii) as a result, the merger would not be completed by the End Date; and (iii) the Notes would be subject to mandatory redemption at 101% of par.

If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the court no later than August 8, 2022. Any member of the proposed Class may move to serve as the Lead Plaintiff and direct the class action through counsel of their choice.

If you have sustained a loss in Waste Management Notes purchased between February 13, 2020 and June 23, 2020, inclusive, you may obtain additional information about this lawsuit and your ability to become a Lead Plaintiff by contacting Lowey Dannenberg attorneys at investigations@lowey.com, or by contacting David Harrison at 914-733-7228, or by email at dharrison@lowey.com, or contacting Andrea Farah at 914-733-7256, or by email at afarah@lowey.com. The class action is titled United Industrial Workers Pension Plan v. Waste Management, Inc., No. 22-cv-04838 (S.D.N.Y.).

If you suffered a loss on your investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

An attorney will contact you at no cost to provide you information about joining the action and answer your questions. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.

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