NEW ORLEANS, Aug. 18, 2017 /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into Stericycle, Inc. (NasdaqGS: SRCL).
On August 11, 2017, Stericycle revealed it had received a subpoena from the SEC "relating to the Company's compliance with the Foreign Corrupt Practices Act ("FCPA") or other foreign or domestic anti-corruption laws with respect to…the Company's operations in Latin America" and that "[t]he Department of Justice has notified the Company that it is investigating this matter in parallel with the SEC."
Stericycle has been the subject of significant consumer backlash and litigation resulting from fraudulent billing practices reportedly dating back many years, consisting of hidden and/or unfounded rate increases, fees and surcharges imposed on purportedly flat-fee customers. This resulted in widespread customer complaints and cancellations culminating in significantly lower financial results for Q3 2015 though Q2 2016.
Stericycle and certain of its executives were sued in a securities class action lawsuit charging them with failing to disclose material information, violating federal securities laws. Further, Stericycle executives have been accused of insider sales of more than $55 million. Stericycle was also sued in class action lawsuits by its customers and recently announced a $295 million proposed settlement of the litigation.
KSF's investigation is focusing on whether Stericycle's officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Stericycle shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]).
About Kahn Swick & Foti, LLC
KSF, whose partners include Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.