CLHB Clean Harbors (MM)

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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