NEW YORK—Sept. 6, 2005- LAWFUEL – The Law News Network -The law firm of Milberg Weiss Bershad & Schulman LLP announces that a class action lawsuit was filed on September 2, 2005, on behalf of all persons who purchased or otherwise acquired the securities of Immucor, Inc. (“Immucor” “BLUD” or the “Company”). A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss’s website at: http://www.milbergweiss.com
If you purchased or otherwise acquired the securities of Immucor between January 7, 2005 and August 29, 2005, inclusive, and sustained damages, you may, no later than October 31, 2005, request that the Court appoint you as lead plaintiff. 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 Milberg Weiss Bershad & Schulman LLP, or other counsel of your choice, to serve as your counsel in this action.
The action is pending in the United States District Court for the Northern District of Georgia against the Company, and certain of its former officers and directors. According to the complaint, defendants violated sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5, by issuing a series of material misrepresentations to the market during the Class Period.
The complaint alleges that throughout the Class Period, defendants regularly certified that the Company’s internal controls were adequate, and that its financial statements were prepared in accordance with Generally Accepted Accounting Principles. While the stock price was artificially inflated, during the first six months of 2005, Immucor insiders sold approximately 186,000 shares for proceeds of nearly $5 million.
On August 26, 2005 the truth began to surface when the Company was forced to announce that the Securities and Exchange Commission (the “SEC”) had issued a formal order as part of its investigation of payments the company’s Italian unit made to people associated with government medical facilities in Italy. Three days later, the Company revealed that its Chief Financial Officer, Steven C. Ramsey, had resigned, and that it would have to revise its net income for fiscal 2005 to account for a previously unrecorded accrual for employee bonuses.
The Company also announced that its 10-K for year end 2005 would be further delayed due to additional accounting and auditing procedures the Company claimed were necessary to properly reflect the accrued bonus and to render the internal controls report required by Section 404 of Sarbanes-Oxley. On September 2, 2005, defendants revealed that the Company received a letter from NASDAQ warning that the company’s stock was subject to delisting because of Immucor’s failure to timely file its Form 10-K for the fiscal year ended May 31, 2005, and its stock began trading under the symbol “BLUDE.”
In response to this news, the price of BLUD common stock dropped from a closing price of $28.61 on August 25, 2005, before the market learned of the SEC’s formal investigation to close at $24.00 per share on August 30, 2005, on unusually high trading volumes.
Milberg Weiss Bershad & Schulman LLP (http://www.milbergweiss.com) is a firm with over 100 lawyers with offices in New York City, Los Angeles, Boca Raton, Delaware, and Washington D.C. and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others for nearly 40 years. Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys:
Steven G. Schulman
One Pennsylvania Plaza, 49th fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: [email protected]