| Company: | SeraCare Life Sciences, Inc. |
| Ticker Symbol: | NASD: SRLS |
| Class Period: | May 3, 2005 to December 19, 2005 |
| Date Filed: | Dec-23-05 |
| Lead Plaintiff Deadline: | Feb-20-06 |
| Court: | Southern District, CA |
| Allegations: |
A class action lawsuit was filed in the United States District Court for the Southern District of California on behalf of a class (the "Class") of all persons who purchased or acquired securities of SeraCare Life Sciences, Inc. ("SeraCare" or the "Company")(Nasdaq:SRLS) between May 3, 2005 and December 19, 2005 inclusive (the "Class Period").
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period thereby artificially inflating the price of SeraCare common stock. The Complaint names as defendants SeraCare, Barry D. Plost, the Company's Chairman, Michael F. Crowley, Jr., the Company's President and Chief Executive Officer, Craig A. Hooson, the Company's CFO, and Robert J. Cresci, a director.
The complaint alleges that throughout the Class Period defendants directly participated in an accounting fraud, which materially overstated the Company's financial results in violation of Generally Accepted Accounting Principles ("GAAP"). Specifically, the complaint charges that throughout the Class Period: (i) defendants used improper revenue recognition policies and practices; (ii) defendants failed to properly account for and value inventory; (iii) defendants failed to prevent certain Board members from exerting undue influence on the financial reporting process of the audit process; and (iv) defendants failed to maintain adequate internal controls and as a result were unable to ascertain the true financial condition of the Company.
On December 20, 2005, the Company announced that the its independent auditors raised concerns with respect to the Company's financial statements, accounting documentation and the ability to rely on representations of the Company's management." Specifically, the auditor questioned certain of the company's revenue-recognition accounting policies, the valuation of the company's inventory and raised concerns regarding the perception that a few members of the board were exerting "undue influence" on the Company's financial reporting. On this news, SeraCare shares fell from $19.30 to $10.04.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
At LawyersandSettlements.com, it is our goal to keep you informed about important legal cases and settlements. We are dedicated to helping you resolve your legal complaints.
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period thereby artificially inflating the price of SeraCare common stock. The Complaint names as defendants SeraCare, Barry D. Plost, the Company's Chairman, Michael F. Crowley, Jr., the Company's President and Chief Executive Officer, Craig A. Hooson, the Company's CFO, and Robert J. Cresci, a director.
The complaint alleges that throughout the Class Period defendants directly participated in an accounting fraud, which materially overstated the Company's financial results in violation of Generally Accepted Accounting Principles ("GAAP"). Specifically, the complaint charges that throughout the Class Period: (i) defendants used improper revenue recognition policies and practices; (ii) defendants failed to properly account for and value inventory; (iii) defendants failed to prevent certain Board members from exerting undue influence on the financial reporting process of the audit process; and (iv) defendants failed to maintain adequate internal controls and as a result were unable to ascertain the true financial condition of the Company.
On December 20, 2005, the Company announced that the its independent auditors raised concerns with respect to the Company's financial statements, accounting documentation and the ability to rely on representations of the Company's management." Specifically, the auditor questioned certain of the company's revenue-recognition accounting policies, the valuation of the company's inventory and raised concerns regarding the perception that a few members of the board were exerting "undue influence" on the Company's financial reporting. On this news, SeraCare shares fell from $19.30 to $10.04.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
Register your Securities Complaint
If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible class action lawsuit. Please fill in our form on the right to submit your complaint and we will have a lawyer review your securities complaint.At LawyersandSettlements.com, it is our goal to keep you informed about important legal cases and settlements. We are dedicated to helping you resolve your legal complaints.
Stay Informed
Get the latest on class action lawsuits, settlements & more! Subscribe to our free weekly newsletter.
Get our Newsletter!
Submit a New Complaint
Been wronged by a similar product or service?
Click here to send us your complaint.
