The investigation concerns whether Stericycle and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On October 22, 2015, Stericycle released disappointing financial results for the third quarter of 2015, including lowered earnings guidance. On this news, the Company's stock price fell $28.73, or 19.28%, to close at $120.31 on October 23, 2015. Then, on April 28, 2016, Stericycle disclosed similarly disappointing results for the first quarter of 2016. On this news, the Company's stock price fell an additional $26.18, or 21.5%, 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.
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
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SOURCE Pomerantz LLP