An investor in NASDAQ:SRCL shares filed a lawsuit over alleged Securities Laws violations by Stericycle Inc, its directors, certain of its senior executives, and underwriters of its public securities offering.
Investors who purchased shares of Stericycle Inc (NASDAQ:SRCL) have certain options and for certain investors are short and strict deadlines running. Deadline: September 12, 2016. NASDAQ:SRCL investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff claims that between February 7, 2013 and April 28, 2016 Stericycle Inc engaged in a systematic scheme whereby it routinely and systematically raised the rates it charged its smaller customers in violation of the contracts it had with those customers and that by doing so, Stericycle Inc artificially inflated its revenues and growth. The plaintiff claims that the Defendants did not disclose this practice and, as a result, Stericycle Inc routinely misrepresented its performance and earnings.
On September 9, 2015, Stericycle Inc announced the pricing of its public offering of 7,000,000 depositary shares, each of which represents a 1/10th interest in a share of its 5.25% Series A Mandatory Convertible Preferred Stock. The offering price was $100.00 per depositary share.
On October 22, 2015, Stericycle Inc disclosed disappointing growth rates and revenues during the third quarter of 2015 and lowered its guidance going forward.
On April 28, 2016, Stericycle Inc disclosed that its results for the first quarter of 2016 were below its guidance and analysts’ expectations, and lowered its 2016 guidance going forward.
Shares of Stericycle Inc declined from $149.48 per share on October 16, 2015 to $91.05 per share on April 29, 2016.
On August 22, 2016, NASDAQ:SRCL shares closed at $85.79 per share.
Those who purchased NASDAQ:SRCL shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com