Lerach Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit Against SFBC International, Inc.
18 Gennaio 2006 - 11:09PM
Business Wire
Lerach Coughlin Stoia Geller Rudman & Robbins LLP ("Lerach
Coughlin") (http://www.lerachlaw.com/cases/sfbc/) today announced
that a class action has been commenced in the United States
District Court for the Southern District of Florida on behalf of
purchasers of SFBC International, Inc. ("SFBC") (NASDAQ:SFCC)
publicly traded securities during the period between August 4, 2003
and December 15, 2005 (the "Class Period"). If you wish to serve as
lead plaintiff, you must move the Court no later than 60 days from
January 3, 2006. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests,
please contact plaintiff's counsel, William Lerach or Darren
Robbins of Lerach Coughlin at 800/449-4900 or 619/231-1058, or via
e-mail at wsl@lerachlaw.com. If you are a member of this class, you
can view a copy of the complaint as filed or join this class action
online at http://www.lerachlaw.com/cases/sfbc/. Any member of the
purported class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member. The complaint charges SFBC and
certain of its officers and directors with violations of the
Securities Exchange Act of 1934. SFBC is a drug development
services company, which provides a range of early and late stage
clinical drug development services to branded pharmaceutical,
biotechnology, generic drug, and medical device companies
worldwide. The complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements
regarding the Company's business and prospects, including that it
was achieving record results from its worldwide recognition as a
top drug development services company. As a result of the
defendants' false statements, SFBC stock traded at inflated levels
during the Class Period, whereby the Company's top officers and
directors sold more than $29 million worth of their own shares
together with assisting the Company to sell more than $326 million
worth of the Company shares in three separate offerings. On
November 2, 2005, however, Bloomberg ran an article revealing the
true nature of the Company's business. The article revealed, among
other things, that, in order to insure that it had enough
participants for its drug testing contracts, the Company provided
inadequate disclosures in its consent forms regarding the dangers
of particular tests, and that the Company had manipulated
participants vis-a-vis its compensation payments to assure its
participants would not drop out of a drug testing trial or report
uncomfortable or adverse reactions to a drug. In a related article
on November 16, 2005, Bloomberg reported that the Company's top
officers and directors had confronted certain participants they
believed to have been responsible for revealing information to
Bloomberg and advised them that they would call the Immigration and
Naturalization Service and have them deported unless they signed
sworn statements containing false statements contradicting those in
the Bloomberg article. Then, on December 15, 2005, SFBC announced
the results of its own "internal investigation" of the allegations
in the Bloomberg articles. According to the complaint, the
"internal investigation" was actually a concerted effort to
"white-wash" the complicity of SFBC's senior officers and directors
and failed to explain the defects in SFBC's recruiting and
administrative practices. From the day before Bloomberg published
its first article on November 2, 2005, through the end of the Class
Period on December 15, 2005, SFBC's stock price fell from $41.49 to
$15.78, a 61% drop. Plaintiff seeks to recover damages on behalf of
all purchasers of SFBC publicly traded securities during the Class
Period (the "Class"). The plaintiff is represented by Lerach
Coughlin, which has expertise in prosecuting investor class actions
and extensive experience in actions involving financial fraud.
Lerach Coughlin, a 160-lawyer firm with offices in San Diego, San
Francisco, Los Angeles, New York, Boca Raton, Washington, D.C.,
Houston, Philadelphia and Seattle, is active in major litigations
pending in federal and state courts throughout the United States
and has taken a leading role in many important actions on behalf of
defrauded investors, consumers, and companies, as well as victims
of human rights violations. Lerach Coughlin lawyers have been
responsible for more than $20 billion in aggregate recoveries. The
Lerach Coughlin Web site (http://www.lerachlaw.com) has more
information about the firm.
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