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Immucor develops, manufactures, and sells a line of blood reagents and automated systems used primarily by hospitals, clinical laboratories, and blood banks in a number of tests performed to detect and identify certain properties of the cell and serum components of human blood prior to blood transfusion. The Complaint alleges that throughout the Class Period defendants materially misrepresented the Company's business operations by failing to disclose that the Company was operating in violation of federal antitrust laws. Specifically, the Complaint alleges the defendants made false or misleading statements and failed to disclose: (1) that the Company had engaged in unlawful business practices with its competitors; (2) that the Company had agreed with its competitors in the industry to fix, raise, maintain, and stabilize prices for blood reagents and related medical equipment in the U.S. market; (3) that the Company's revenues had been significantly increased through the employment of such unlawful business practices; (4) that, as a result, the Company's financial statements were false and misleading at all relevant times; (5) that such unlawful business practices, when they were discovered, would initiate an investigation by the government into the Company's business practices; (6) that the Company lacked adequate internal and financial controls; and (7) that, as a result of the foregoing, the Company's statements about its financial well-being and future business prospects were lacking in any reasonable bases when made.
On April 24, 2009, the Company announced that it had received a grand jury subpoena from the Antitrust Division of the U.S. Department of Justice. As a result of this announcement, Immucor's closing price dropped nearly 27% from $20.98 on April 23, 2009, to $15.35 the next trading day.
If you are a shareholder who purchased the securities of Immucor during the Class Period, you have until October 26, 2009 to ask the Court to appoint you as lead plaintiff for the class. Shareholders outside the United States may join the action, regardless of where they live or which exchange was used to purchase the securities. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Teresa L. Webb at (tlwebb@pomlaw.com) or 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, with offices in New York, Chicago, Washington, D.C., Columbus, Ohio and Burlingame, California, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Pomerantz Haudek Block Grossman & Gross LLP
CONTACT: Pomerantz Haudek Grossman & Gross LLP Teresa Webb (888) 476.6529 (888) 4.POMLAW tlwebb@pomlaw.com
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