Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Stericycle, Inc.
Oklahoma City, OK (July 13, 2016) – On July 11, 2016, a securities class action lawsuit was filed in the United States District Court for the Northern District of Illinois against Stericycle, Inc. (NASDAQ: SRCL). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is April 7, 2013 through April 28, 2016. More specifically, this litigation was filed because the Company announced on September 9, 2015 that a public offering of 7,000,000 depositary shares at $100.00 per share. Thereafter, on October 22, 2015, Stericycle issued its financial results for the 2015 third quarter and year to date, these results fell below expectations, with the Company reporting a revenue for the third quarter of $718.6 million. In a conference call, CEO Charlie Alutto noted that the “slowdown which we saw accelerate in the third quarter is going to actually get worse in fourth quarter and then level off in 2016.” Then, on April 28, 2016, Stericycle disclosed similarly disappointing results for the first quarter of 2016. On this news, the Company's stock price declined to close at $95.56 on April 29, 2016. The Company has attributed these financial results to factors including energy prices, increased costs, difficulties in integrating a large acquisition, and a softer hazardous waste market.
Plaintiff seeks to recover damages on behalf of all Stericycle, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, September 12, 2016 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to email@example.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Wed, July 13, 2016
by Robin Hester filed under