NEW YORK, July 27, 2016 /PRNewswire/ -- Tripp Levy PLLC, a law firm representing investors in securities litigation, announces that a securities class action has been filed against Stericycle, Inc. ("Stericycle" or the "Company") (NASDAQ: SRCL and SRCLP), its directors, certain senior managers and its underwriters in a September 2015 public offering. The lawsuit was filed in the United States District Court for the Northern District of Illinois on behalf of investors who purchased Stericycle common stock and/or depository shares between February 7, 2013 and April 28, 2016, inclusive (the "Class Period") and alleges violations of federal securities laws by defendants.
Stericycle is an international waste management and disposal company that specializes in the collection and disposal of regulated and specialized waste. The lawsuit alleges that Stericycle misrepresented its financial health and growth prospects during the Class Period by concealing from investors that a material portion of its revenues was derived from "fraudulent overcharging" of its customers. The lawsuit further alleges that as a result of its "fraudulent billing practices," customer attrition materially affected the Company's performance. On October 23, 2015, Stericycle's stock dropped 19% after announcing it missed earnings estimates. Then, on April 29, 2016, Company's shares fell another 22% when it again missed earnings estimates and revised its 2016 guidance.