Klafter & Olsen LLP Announces That it Has Been Retained to Pursue a Class Action Lawsuit Against SFBC International Inc.
January 20 2006 - 7:00PM
PR Newswire (US)
WASHINGTON, Jan. 20 /PRNewswire/ -- Klafter & Olsen LLP has
been retained to pursue a securities fraud class action against
SFBC International Inc. ("SFBC") (NASDAQ:SFCC), on behalf of a
class of persons who purchased SFBC securities between February 17,
2004 and December 15, 2005, inclusive (the "Class Period") against
SFBC and certain of its officers. The action concerns alleged
violations of the federal securities laws. It is alleged that
during the Class Period, defendants misrepresented SFBC's ability
to perform large-scale drug trials on behalf of pharmaceutical
companies. Rather than conduct those trials in an ethical and
proper manner, SFBC allegedly coerced immigrants to participate in
its trials, lacked adequate quality controls to ensure the safety
of participants in its trials and failed to advise test
participants on the risks involved. Most of the participants are
immigrants in Florida. The SEC and U.S. Senate have commenced
investigations concerning these allegations. The truth regarding
SFBC's business practices began to trickle into the market on
November 2, 2005, through the end of the Class Period on December
15, 2005. During this time, SFBC's stock price fell from $41.49 per
share to $15.78, or 62%. If you are a member of the class, you may
move the Court, through counsel of your choice, no later than March
6, 2006 to serve as Lead Plaintiff. A Lead Plaintiff is a
representative party that acts on behalf of other class members in
directing the litigation. Your ability to share in any recovery is
not, however, affected by the decision to serve as Lead Plaintiff.
This action will seek to recover damages due to the artificial
inflation of SFBC's stock price caused by defendants' violations of
the federal securities laws on behalf of all purchasers of SFBC
publicly traded securities during the Class Period. If you have
sustained losses on your purchases of SFBC publicly traded
securities during the Class Period, please contact Klafter &
Olsen LLP at http://www.klafterolsen.com/ or call us at
202/261-3553 for a more thorough explanation of the Lead Plaintiff
selection process and the claims that can be asserted against SFBC.
Klafter & Olsen LLP has extensive expertise in prosecuting
investor class actions involving financial fraud and has offices in
Washington D.C. and New York. Please visit our website for more
information about the Firm. Contact: Kurt B. Olsen KLAFTER &
OLSEN LLP 2121 K St., N.W., Suite 800 Washington, DC 20037
202/261-3553 First Call Analyst: FCMN Contact: DATASOURCE: Klafter
& Olsen LLP CONTACT: Kurt B. Olsen of Klafter & Olsen LLP,
+1-202-261-3553 Web site: http://www.klafterolsen.com/
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