WAYNE, Pa., Aug. 10, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the Northern District of Illinois on behalf of purchasers of Stericycle, Inc. ("Stericycle" or the "Company") (NASDAQ: SRCL, SRCLP) between February 7, 2013 and April 28, 2016, inclusive (the "Class Period").
Stericycle shareholders may, no later than September 12, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Stericycle and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/srcl.
Stericycle and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws. Specifically, Stericycle failed to disclose that Stericycle engaged in a systematic scheme whereby it routinely and systematically raised the rates it charged its smaller customers in violation of the contracts it had with those customers. By doing so, Stericycle artificially inflated its revenues and growth. Defendants did not disclose this practice and, as a result, Stericycle routinely misrepresented its performance and earnings.
On September 9, 2015, Stericycle announced a public offering of 7,000,000 depositary shares at $100.00 per share. Shortly 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." Upon this news, shares of Stericycle dropped more than 12 percent thereby damaging investors.
If you are a member of the class, you may, no later than September 12, 2016, request that the Court appoint you as lead plaintiff of the class. 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 Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at [email protected] or visit: www.rmclasslaw.com/cases/srcl. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP