| Company: | SFBC International, Inc. |
| Ticker Symbol: | NASD: SFCC |
| Class Period: | August 4, 2003 to December 15, 2005 |
| Date Filed: | Nov-21-06 |
| Lead Plaintiff Deadline: | Jan-20-07 |
| Court: | District, NJ |
| Allegations: |
A consolidated class action complaint has been filed in the United States District Court for the District of New Jersey on behalf of Lead Plaintiff Arkansas Teacher Retirement System ("Arkansas Teachers") and all similarly situated purchasers of SFBC International, Inc. (k/n/a/ Pharmanet Development Group, Inc.) ("SFBC" or the "Company") formerly (NASDAQ: SFCC) now (NASDAQ: PDGI) securities during the period between August 4, 2003 and December 15, 2005 (the "Class Period"). The case is captioned In re SFBC International, Inc. Securities & Derivative Litig., Case No. 2:06-cv-00165, and is assigned to the Honorable Stanley R. Chesler.
SFBC provides clinical drug development services to pharmaceutical, biotechnology, and medical device companies. Its primary services are clinical tests of development-stage drugs in human subjects who are paid to participate in the experiments. The Complaint alleges that during the Class Period, SFBC and its senior officers and directors violated the federal securities laws by making false and misleading periodic filings with the Securities and Exchange Commission ("SEC") and making other false and misleading statements to investors. Specifically, the Complaint alleges that Defendants (1) misrepresented the condition of the Company's primary Miami facility and failed to disclose that this facility -- which was responsible for approximately 30% of the Company's operating profit -- was in violation of numerous occupancy, zoning and other regulations such that Miami Dade County authorities have since ordered the facility to be demolished; (2) misrepresented and failed to disclose numerous unethical and dangerous clinical testing practices and conflicts of interest that threatened the Company's reputation; (3) misrepresented and failed to disclose related-party transactions during the Class Period; and (4) misrepresented the qualifications of SFBC's senior management team.
Based on these allegations, the Complaint asserts that Defendants SFBC, former President Lisa Krinsky, former CEO Arnold Hantman, and former Vice President of Clinical Operations Greg Holmes violated Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, and that Krinsky, Hantman and Holmes violated Section 20(a) of the Exchange Act.
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.
SFBC provides clinical drug development services to pharmaceutical, biotechnology, and medical device companies. Its primary services are clinical tests of development-stage drugs in human subjects who are paid to participate in the experiments. The Complaint alleges that during the Class Period, SFBC and its senior officers and directors violated the federal securities laws by making false and misleading periodic filings with the Securities and Exchange Commission ("SEC") and making other false and misleading statements to investors. Specifically, the Complaint alleges that Defendants (1) misrepresented the condition of the Company's primary Miami facility and failed to disclose that this facility -- which was responsible for approximately 30% of the Company's operating profit -- was in violation of numerous occupancy, zoning and other regulations such that Miami Dade County authorities have since ordered the facility to be demolished; (2) misrepresented and failed to disclose numerous unethical and dangerous clinical testing practices and conflicts of interest that threatened the Company's reputation; (3) misrepresented and failed to disclose related-party transactions during the Class Period; and (4) misrepresented the qualifications of SFBC's senior management team.
Based on these allegations, the Complaint asserts that Defendants SFBC, former President Lisa Krinsky, former CEO Arnold Hantman, and former Vice President of Clinical Operations Greg Holmes violated Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, and that Krinsky, Hantman and Holmes violated Section 20(a) of the Exchange Act.
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.
