Klafter & Olsen LLP Announces That It Has Been Retained To Pursue A Class Action Lawsuit Against SFBC International, Inc.
Published: Jan 23, 2006
WASHINGTON, Jan. 20 /PRNewswire/ -- Klafter & Olsen LLP has been retained to pursue a securities fraud class action against SFBC International Inc. ("SFBC") , on behalf of a class of persons who purchased SFBC securities between February 17, 2004 and December 15, 2005, inclusive (the "Class Period") against SFBC and certain of its officers.
The action concerns alleged violations of the federal securities laws. It is alleged that during the Class Period, defendants misrepresented SFBC's ability to perform large-scale drug trials on behalf of pharmaceutical companies. Rather than conduct those trials in an ethical and proper manner, SFBC allegedly coerced immigrants to participate in its trials, lacked adequate quality controls to ensure the safety of participants in its trials and failed to advise test participants on the risks involved. Most of the participants are immigrants in Florida. The SEC and U.S. Senate have commenced investigations concerning these allegations.
The truth regarding SFBC's business practices began to trickle into the market on November 2, 2005, through the end of the Class Period on December 15, 2005. During this time, SFBC's stock price fell from $41.49 per share to $15.78, or 62%.
If you are a member of the class, you may move the Court, through counsel of your choice, no later than March 6, 2006 to serve as Lead Plaintiff. A Lead Plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, however, affected by the decision to serve as Lead Plaintiff. This action will seek to recover damages due to the artificial inflation of SFBC's stock price caused by defendants' violations of the federal securities laws on behalf of all purchasers of SFBC publicly traded securities during the Class Period.
If you have sustained losses on your purchases of SFBC publicly traded securities during the Class Period, please contact Klafter & Olsen LLP at http://www.klafterolsen.com or call us at 202/261-3553 for a more thorough explanation of the Lead Plaintiff selection process and the claims that can be asserted against SFBC. Klafter & Olsen LLP has extensive expertise in prosecuting investor class actions involving financial fraud and has offices in Washington D.C. and New York. Please visit our website for more information about the Firm.
Contact: Kurt B. Olsen KLAFTER & OLSEN LLP 2121 K St., N.W., Suite 800 Washington, DC 20037 202/261-3553Klafter & Olsen LLP
CONTACT: Kurt B. Olsen of Klafter & Olsen LLP, +1-202-261-3553
Web site: http://www.klafterolsen.com/