RADNOR, Pa., Dec. 23 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of California on behalf of all securities purchasers of SeraCare Life Sciences, Inc. (NASDAQ:SRLSE) ("SeraCare" or the "Company") from February 9, 2005 through December 19, 2005, inclusive (the "Class Period"). If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The complaint charges SeraCare and certain of its officers and directors with violations of the Securities Exchange Act of 1934. SeraCare engages in the manufacture and provision of biological products and services for diagnostic, therapeutic, drug discovery and research organizations worldwide. The complaint alleges that defendants' Class Period representations regarding SeraCare's financial statements, business, and prospects were materially false and misleading when made. Specifically, the defendants failed to disclose: (1) that the Company, in violation of its own revenue recognition accounting policies and practices, improperly recognized revenue which served to materially inflate the Company's financial results; (2) that the accounting for and valuation of the Company's inventory was faulty; (3) that the defendants failed to prevent certain board members from exerting undue influence on the Company's financial reporting process and on the audit process; (4) that throughout the Class Period, the timeliness, quality and completeness of the Company's implementation and testing of its internal controls over financial reporting was lacking, such that the Company lacked adequate internal control; and (5) that the Company's financial statements were presented in violation of Generally Accepted Accounting Principles ("GAAP"). On December 14, 2005, SeraCare filed a current report on Form 8-K wherein it stated that the Company was unable, without unreasonable effort and expense, to file its annual report on Form 10-K for its fiscal year ended September 30, 2005. Then, on December 20, 2005, before the market opened, the Company announced that "the chairman of the Company's audit committee has received a letter from Mayer Hoffman McCann P.C. (MHM), the Company's independent auditors, in which MHM raised concerns with respect to the Company's financial statements, accounting documentation and the ability of MHM to rely on representations of the Company's management." In reaction to this announcement, the price of SeraCare stock fell dramatically, from $19.30 per share on December 19, 2005 to $10.04 per share on December 20, 2005, a one-day drop of 47.98 percent on unusually heavy trading volume. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/. If you are a member of the class described above, you may, not later than February 21, 2006, move the Court to serve as lead plaintiff of the class, if you so choose. 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 Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action. CONTACT: Schiffrin & Barroway, LLP Darren J. Check, Esq. Richard A. Maniskas, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll-free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Darren J. Check, Esq. or Richard A. Maniskas, Esq., both of Schiffrin & Barroway, LLP, +1-888-299-7706, +1-610-667-7706 or Web site: http://www.sbclasslaw.com/

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