Wolf Haldenstein Announces Class Action Lawsuit Against Clean Harbors, Inc. on Behalf Of Investors
December 19 2003 - 10:34AM
PR Newswire (US)
Wolf Haldenstein Announces Class Action Lawsuit Against Clean
Harbors, Inc. on Behalf Of Investors NEW YORK, Dec. 19 /PRNewswire/
-- The Law Firm of Wolf Haldenstein Adler Freeman and Herz 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.whafh.com/ . 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. 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, inclusive, and you wish to
serve as lead plaintiff, you must move the Court no later than
January 19, 2004. If you purchased Clean Harbors securities between
November 19, 2002 and August 14, 2003, you may request that the
Court appoint you as lead plaintiff by January 19, 2003. 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 Wolf Haldenstein, or other counsel of
your choice, to serve as your counsel in this action. Wolf
Haldenstein has extensive experience in the prosecution of
securities class actions and derivative litigation in state and
federal trial and appellate courts across the country. The firm has
approximately 60 attorneys in various practice areas; and offices
in Chicago, New York City, San Diego, and West Palm Beach. The
reputation and expertise of this firm in shareholder and other
class litigation has been repeatedly recognized by the courts,
which have appointed it to major positions in complex securities
multi-district and consolidated litigation. If you wish to discuss
this action or have any questions, please contact Wolf Haldenstein
Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New
York 10016, by telephone at (800) 575-0735 (Fred Taylor Isquith,
Esq., Gregory M. Nespole, Esq., Christopher S. Hinton, Esq., George
Peters, or Derek Behnke), via e-mail at or visit our website at
http://www.whafh.com/ . All e-mail correspondence should make
reference to Clean Harbors. DATASOURCE: Wolf Haldenstein Adler
Freeman and Herz LLP CONTACT: Fred Taylor Isquith, Esq., Gregory M.
Nespole, Esq., Christopher S. Hinton, Esq., George Peters, or Derek
Behnke, all of Wolf Haldenstein Adler Freeman & Herz LLP,
1-800-575-0735, Web site: http://www.whafh.com/
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