Immucor (NASDAQ:BLUDE)
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From May 2019 to May 2024
The law firm of Milberg Weiss Bershad & Schulman LLP
announces that a class action lawsuit was filed on September 2, 2005,
on behalf of all persons who purchased or otherwise acquired the
securities of Immucor, Inc. ("Immucor" "BLUD" or the "Company"). A
copy of the complaint filed in this action is available from the
Court, or can be viewed on Milberg Weiss's website at:
http://www.milbergweiss.com
If you purchased or otherwise acquired the securities of Immucor
between January 7, 2005 and August 29, 2005, inclusive, and sustained
damages, you may, no later than October 31, 2005, request that the
Court appoint you as lead plaintiff. 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
Milberg Weiss Bershad & Schulman LLP, or other counsel of your choice,
to serve as your counsel in this action.
The action is pending in the United States District Court for the
Northern District of Georgia against the Company, and certain of its
former officers and directors. According to the complaint, defendants
violated sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5,
by issuing a series of material misrepresentations to the market
during the Class Period.
The complaint alleges that throughout the Class Period, defendants
regularly certified that the Company's internal controls were
adequate, and that its financial statements were prepared in
accordance with Generally Accepted Accounting Principles. While the
stock price was artificially inflated, during the first six months of
2005, Immucor insiders sold approximately 186,000 shares for proceeds
of nearly $5 million.
On August 26, 2005 the truth began to surface when the Company was
forced to announce that the Securities and Exchange Commission (the
"SEC") had issued a formal order as part of its investigation of
payments the company's Italian unit made to people associated with
government medical facilities in Italy. Three days later, the Company
revealed that its Chief Financial Officer, Steven C. Ramsey, had
resigned, and that it would have to revise its net income for fiscal
2005 to account for a previously unrecorded accrual for employee
bonuses.
The Company also announced that its 10-K for year end 2005 would
be further delayed due to additional accounting and auditing
procedures the Company claimed were necessary to properly reflect the
accrued bonus and to render the internal controls report required by
Section 404 of Sarbanes-Oxley. On September 2, 2005, defendants
revealed that the Company received a letter from NASDAQ warning that
the company's stock was subject to delisting because of Immucor's
failure to timely file its Form 10-K for the fiscal year ended May 31,
2005, and its stock began trading under the symbol "BLUDE."
In response to this news, the price of BLUD common stock dropped
from a closing price of $28.61 on August 25, 2005, before the market
learned of the SEC's formal investigation to close at $24.00 per share
on August 30, 2005, on unusually high trading volumes.
Milberg Weiss Bershad & Schulman LLP (http://www.milbergweiss.com)
is a firm with over 100 lawyers with offices in New York City, Los
Angeles, Boca Raton, Delaware, and Washington D.C. and is active in
major litigations pending in federal and state courts throughout the
United States. Milberg Weiss has taken a leading role in many
important actions on behalf of defrauded investors, consumers, and
others for nearly 40 years. Please contact the Milberg Weiss website
for more information about the firm. If you wish to discuss this
action with us, or have any questions concerning this notice or your
rights and interests with regard to the case, please contact the
following attorneys:
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Steven G. Schulman
One Pennsylvania Plaza, 49th fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: sfeerick@milbergweiss.com
Website: http://www.milbergweiss.com
Or
Maya Saxena
Joseph White
5200 Town Center Circle, Suite 600
Boca Raton, Florida 33486
msaxena@milbergweiss.com
jwhite@milbergweiss.com
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