We are investigating GFL Environmental Inc. (GFL) (“GFL” or the “Company”) for potential violations of the federal securities laws. In early March 2020, GFL conducted its initial public offering (“IPO”), issuing 75 million shares priced at $19.00 per share. Then, on August 18, 2020, Spruce Point Management (“Spruce Point”) published a report addressing GFL entitled “Green for Life, Red For Losses.” Among other things, the Spruce Point report accused GFL’s Chief Executive Officer Patrick Dovigi of “obfuscat[ing] connections to what some observers have dubbed ‘organized crime’” and opined that “GFL’s leverage is understated by aggressive reporting of revenue and EBITDA, and free cash flow burn is understated by ~60%,” asserting that “this is evidenced by financial restatements without explanation, and by minimizing a material weaknesses of financial controls.” Following publication of the Spruce Point report, GFL’s stock price fell $1.75 per share, or 8.245, to close at $19.48 per share on August 18, 2020.