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On May 4, 2010, Bio-Rad disclosed that it had self-reported to the U.S. Securities and Exchange Commission and the U.S. Department of Justice after an internal review identified certain practices that violated the Foreign Corrupt Practices Act of 1977. On this news, the Company's stock fell $8.16, or 7.29%, to close at $103.65 on May 5, 2010. On November 3, 2014, Bio-Rad agreed to pay $55 million to settle allegations by U.S. authorities that the Company's subsidiaries had paid bribes to foreign officials in Russia, Thailand and Vietnam and falsified records to mask these bribes as legitimate expenses. On this news, the Company's stock fell $1.61, or $1.41%, to close at $111.80 on November 4, 2014.
On May 27, 2015, Bio-Rad's former General Counsel Sanford Wadler filed a lawsuit alleging that he was fired in 2013 after raising concerns to the Company's audit committee about bribery practices in China and for refusing to turn a blind eye to corruption. On this news, the Company's stock fell $1.63, or $1.13%, to close at $142.36 on May 28, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-bio-rad-laboratories-inc--bio-300393007.html
SOURCE Pomerantz LLP