Shareholder Class Action Filed Against Immucor, Inc. by the Law Firm of Barroway Topaz Kessler Meltzer & Check, LLP
RADNOR, Pa., Sept. 22 /PRNewswire/ — The following statement was issued today by the law firm of Barroway Topaz Kessler Meltzer & Check, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of securities of Immucor, Inc. (Nasdaq: BLUD) (“Immucor” or the “Company”) between October 19, 2005 and April 23, 2009 inclusive (the “Class Period”). This case is related to various other federal actions which have been consolidated and centralized in the proceeding entitled In re: Blood Reagents Antitrust Litigation, MDL No. 2081, pending in the Eastern District of Pennsylvania before the Honorable Jan E. DuBois.
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 Barroway Topaz Kessler Meltzer & Check, LLP (Darren J. Check, Esq. or David M. Promisloff, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at email@example.com.
The Complaint charges Immucor and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Immucor, together with its subsidiaries, engages in the development, manufacture, and sale of various blood reagents. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company had engaged in unlawful business practices with its competitors in the blood reagents industry; (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 federal authorities 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 basis when made.
On April 24, 2009, the Company shocked investors when it announced that it had received a grand jury subpoena from the United States Department of Justice, Antitrust Division (“DOJ”) requesting documents from September 1, 2000 through the present regarding an investigation into potential violations of the federal criminal antitrust laws in the blood reagents industry. The DOJ investigation of Immucor follows a Federal Trade Commission (“FTC”) investigation of the Company that began in or about October 2007 and which focused on whether Immucor violated the federal antitrust laws through three acquisitions that it made between 1996 and 1999, and whether the Company had engaged in unfair methods of competition by restricting price competition. Upon the release of the news that the DOJ was investigating Immucor and the blood reagents industry, and that Immucor had received the grand jury subpoena related to the investigation, the Company’s shares fell $5.63 per share, or almost 27%, to close on April 24, 2009 at $15.35 per share.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Barroway Topaz Kessler Meltzer & Check which prosecutes class actions in both state and federal courts throughout the country. Barroway Topaz Kessler Meltzer & Check 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 Barroway Topaz Kessler Meltzer & Check, or for additional information about participating in this action, please visit www.btkmc.com.
If you are a member of the class described above, you may, not later than October 26, 2009, 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. 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.
CONTACT: Barroway Topaz Kessler Meltzer & Check, LLP Darren J. Check, Esq. David M. Promisloff, 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 firstname.lastname@example.org
SOURCE Barroway Topaz Kessler Meltzer & Check, LLP