Cauley Geller Announces Class Action Lawsuit Against Clean Harbors, Inc. On Behalf of Investors
November 18 2003 - 7:49PM
PR Newswire (US)
Cauley Geller Announces Class Action Lawsuit Against Clean Harbors,
Inc. On Behalf of Investors NEW YORK, Nov. 18 /PRNewswire/ -- The
Law Firm of Cauley Geller Bowman & Rudman, LLP announced today
that a class action lawsuit has been filed in the United States
District Court for the District of Massachusetts on behalf of
purchasers of Clean Harbors, Inc. ("Clean Harbors" or the
"Company") publicly traded securities during the period between
November 19, 2002 and August 14, 2003, inclusive (the "Class
Period"). A copy of the complaint filed in this action is available
from the Court, or can be viewed on the firm's website at
http://www.cauleygeller.com/show_case.asp?ccode=197&pcode=10&pp=4
. 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. Specifically, the complaint alleges that by
the start of the Class Period, unbeknownst to investors, Clean
Harbors was experiencing difficulties integrating the operations of
Safety-Kleen Corp.'s Chemical Services Division, which it had just
acquired. Moreover, the integration process was distracting the
Company from its core business, thereby causing the Company to
experience declining results. Notwithstanding the foregoing
difficulties, throughout the Class Period, defendants projected
increasing revenues and earnings for the Company, which caused a
dramatic increase in the price of Clean Harbors common stock. While
the stock was trading at these levels, certain Clean Harbor
insiders sold their personally-held Clean Harbors common stock to
the unsuspecting public. In addition, defendant McKim engaged in a
forward sale of 200,000 shares of his stock which permitted him to
lock in gains in his stock but not suffer from any decline in the
price of Clean Harbors stock. Then, on May 14, 2003, Clean Harbors
surprised the market by announcing that its EBITDA for the first
quarter of 2003 was below the quarterly minimum required by certain
covenants in the Company's loan agreements and that the Company
would have to renegotiate the terms of its agreements with its
lenders. In response to this announcement, the price of Clean
Harbors stock plummeted from $12.89 per share to $10.90 per share
on extremely heavy trading volume. The true extent of the problems
at Clean Harbors were not finally revealed until August 14, 2003,
when it announced that it would miss its earnings targets for the
second quarter of 2003 and that it was being negatively impacted by
a variety of factors. Following this announcement, the price of
Clean Harbors common stock declined further to $6.23 per share. If
you bought Clean Harbors publicly traded securities between
November 19, 2002 and August 14, 2003, inclusive, and you wish to
serve as lead plaintiff, you must move the Court no later than
January 19, 2004. If you are a member of this class, you can join
this class action online at
http://www.cauleygeller.com/template8.asp?pcode=6&pp=1 . Any
member of the purported class may move the Court to serve as lead
plaintiff through Cauley Geller or other counsel of their choice,
or may choose to do nothing and remain an absent class member.
Cauley Geller is a national law firm that represents investors and
consumers in class action and corporate governance litigation. It
is one of the country's premiere firms in the area of securities
fraud, with in-house finance and forensic accounting specialists
and extensive trial experience. Since its founding, Cauley Geller
has recovered in excess of two billion dollars on behalf of
aggrieved shareholders. The firm maintains offices in Boca Raton,
Little Rock and New York. If you have any questions about how you
may be able to recover for your losses, or if you would like to
consider serving as one of the lead plaintiffs in this lawsuit, you
are encouraged to call or e-mail the Firm or visit the Firm's
website at http://www.cauleygeller.com/ . Contact: CAULEY GELLER
BOWMAN & RUDMAN, LLP Samuel H. Rudman, Esq. or David A.
Rosenfeld, Esq. Client Relations Department: Jackie Addison or
Heather Gann P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free:
1-888-551-9944 Fax: 1-501-312-8505 E-mail: DATASOURCE: Cauley
Geller Bowman & Rudman, LLP CONTACT: Samuel H. Rudman, Esq. or
David A. Rosenfeld, Esq., both of Cauley Geller Bowman &
Rudman, LLP, +1-631-367-7100 Web site: http://www.cauleygeller.com/
http://www.cauleygeller.com/show_case.asp?ccode=197&pcode=10&pp=4
http://www.cauleygeller.com/template8.asp?pcode=6&pp=1
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