Notice of Filing Securities Class Action Against Immucor, Inc., Edward L. Gallup, Gioacchino De Chirico, and Steven C. Ramsey
September 08 2005 - 7:30PM
PR Newswire (US)
RADNOR, Pa., Sept. 8 /PRNewswire/ -- The law firm of Schiffrin
& Barroway, LLP announces that it has filed a class action
lawsuit in the United States District Court for the Northern
District of Georgia on behalf of all securities purchasers of
Immucor, Inc. ("Immucor" or the "Company") (NASDAQ:BLUDE) between
January 7, 2005 and August 29, 2005, inclusive (the "Class Period")
against Immucor, Inc., Edward L. Gallup, Gioacchino De Chirico, and
Steven C. Ramsey. The complaint charges defendants with violations
of the Securities Exchange Act of 1934. More specifically, the
Complaint alleges that the Company failed to disclose and
misrepresented the following material adverse facts which were
known to defendants or recklessly disregarded by them: (1) that the
Company lacked adequate internal controls; (2) that the issues
related to payments made by the Company's Italian subsidiary to
individuals associated with government medical facilities were not
resolved, were not merely limited to $730,000 in payments for
services rendered to one doctor, and were not isolated to this one
event; (3) that the Company failed to properly account for accrued
employee bonuses; (4) that the Company's financial results were
materially inflated at all relevant times; and (5) that the
Company's financial results were in violation of Generally Accepted
Accounting Principles ("GAAP"). On August 26, 2005, Immucor
announced that the SEC issued a Formal Order in the previously
reported investigation into issues related to payments made by the
Company's Italian subsidiary to individuals associated with
government medical facilities. On this news, shares of Immucor fell
$1.00 per share, or 3.5 percent, to close at $27.61 per share.
Thereafter on August 29, 2005, Immucor announced that it would
revise its Fiscal 2005 earnings to account for employee bonus
accrual. The Company also reported that it had accepted the
resignation of defendant Steven C. Ramsey as Chief Financial
Officer of the Company. On this news, shares of Immucor fell $3.54
per share, or 12.85 percent, to close, on August 30, 2005, at
$24.00 per share. If you are a member of the class described above,
you may, not later than October 31, 2005, move the Court to serve
as lead plaintiff of the class, if you so choose. 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 Schiffrin & Barroway, or other
counsel of your choice, to serve as your counsel in this action. If
you wish to discuss this action or have any questions concerning
this notice or your rights or interests with respect to these
matters, please contact Schiffrin & Barroway, LLP (Darren J.
Check, Esq. or Richard A. Maniskas, Esq.) toll-free at
1-888-299-7706 or 1-610-667-7706, or via e-mail at . CONTACT:
Schiffrin & Barroway, LLP Darren J. Check, Esq. Richard A.
Maniskas, Esq. 280 King of Prussia Road Radnor, PA 19087
1-888-299-7706 (toll-free) or 1-610-667-7706 Or by e-mail at
DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Schiffrin &
Barroway, LLP: Darren J. Check, Esq. or Richard A. Maniskas, Esq.,
+1-888-299-7706, +1-610-667-7706 or Web site:
http://www.sbclasslaw.com/
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