Law Firm Milberg Weiss Bershad & Schulman LLP Announces Class Action Lawsuit Against Immucor, Inc and Certain Individual Defenda
September 03 2005 - 10:51AM
Business Wire
The law firm of Milberg Weiss Bershad & Schulman LLP announces
that a class action lawsuit was filed on September 2, 2005, on
behalf of all persons who purchased or otherwise acquired the
securities of Immucor, Inc. ("Immucor" "BLUD" or the "Company"). A
copy of the complaint filed in this action is available from the
Court, or can be viewed on Milberg Weiss's website at:
http://www.milbergweiss.com If you purchased or otherwise acquired
the securities of Immucor between January 7, 2005 and August 29,
2005, inclusive, and sustained damages, you may, no later than
October 31, 2005, request that the Court appoint you as lead
plaintiff. A lead plaintiff is a representative party that acts on
behalf of other class members in directing the litigation. In order
to be appointed lead plaintiff, the Court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. You may retain Milberg Weiss Bershad
& Schulman LLP, or other counsel of your choice, to serve as
your counsel in this action. The action is pending in the United
States District Court for the Northern District of Georgia against
the Company, and certain of its former officers and directors.
According to the complaint, defendants violated sections 10(b) and
20(a) of the Exchange Act, and Rule 10b-5, by issuing a series of
material misrepresentations to the market during the Class Period.
The complaint alleges that throughout the Class Period, defendants
regularly certified that the Company's internal controls were
adequate, and that its financial statements were prepared in
accordance with Generally Accepted Accounting Principles. While the
stock price was artificially inflated, during the first six months
of 2005, Immucor insiders sold approximately 186,000 shares for
proceeds of nearly $5 million. On August 26, 2005 the truth began
to surface when the Company was forced to announce that the
Securities and Exchange Commission (the "SEC") had issued a formal
order as part of its investigation of payments the company's
Italian unit made to people associated with government medical
facilities in Italy. Three days later, the Company revealed that
its Chief Financial Officer, Steven C. Ramsey, had resigned, and
that it would have to revise its net income for fiscal 2005 to
account for a previously unrecorded accrual for employee bonuses.
The Company also announced that its 10-K for year end 2005 would be
further delayed due to additional accounting and auditing
procedures the Company claimed were necessary to properly reflect
the accrued bonus and to render the internal controls report
required by Section 404 of Sarbanes-Oxley. On September 2, 2005,
defendants revealed that the Company received a letter from NASDAQ
warning that the company's stock was subject to delisting because
of Immucor's failure to timely file its Form 10-K for the fiscal
year ended May 31, 2005, and its stock began trading under the
symbol "BLUDE." In response to this news, the price of BLUD common
stock dropped from a closing price of $28.61 on August 25, 2005,
before the market learned of the SEC's formal investigation to
close at $24.00 per share on August 30, 2005, on unusually high
trading volumes. Milberg Weiss Bershad & Schulman LLP
(http://www.milbergweiss.com) is a firm with over 100 lawyers with
offices in New York City, Los Angeles, Boca Raton, Delaware, and
Washington D.C. and is active in major litigations pending in
federal and state courts throughout the United States. Milberg
Weiss has taken a leading role in many important actions on behalf
of defrauded investors, consumers, and others for nearly 40 years.
Please contact the Milberg Weiss website for more information about
the firm. If you wish to discuss this action with us, or have any
questions concerning this notice or your rights and interests with
regard to the case, please contact the following attorneys: -0- *T
Steven G. Schulman One Pennsylvania Plaza, 49th fl. New York, NY
10119-0165 Phone number: (800) 320-5081 Email:
sfeerick@milbergweiss.com Website: http://www.milbergweiss.com Or
Maya Saxena Joseph White 5200 Town Center Circle, Suite 600 Boca
Raton, Florida 33486 msaxena@milbergweiss.com
jwhite@milbergweiss.com *T
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