NEW ORLEANS--(BUSINESS WIRE)-- Kahn Swick & Foti, LLC ("KSF") and its partner, the former Louisiana Attorney General Charles C. Foti, Jr. remind investors that they have only until November 2, 2010, to file lead plaintiff applications in a securities class action lawsuit in the United States District Court for the Central District of California on behalf of purchasers of Beckman Coulter, Inc. ("Beckman Coulter") (NYSE: BEC) common stock during the period between July 31, 2009 and July 22, 2010, inclusive (the "Class Period").
What You May Do
If you are a Beckman Coulter shareholder and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn ([email protected]), toll free 1-866-467-1400, ext. 200, or via cell phone any time at 504-301-7900, or KSF Director of Client Relations, Neil Rothstein, Esq. ([email protected]), toll free at 877-694-9510, or via cell phone any time at 330-860-4092. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must act urgently and request this position by application to the Court by November 2, 2010. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. KSF encourages both institutional and individual purchasers of Beckman Coulter to contact the firm. The ultimate resolution of any securities class action is strengthened through the involvement of aggrieved shareholders and lead plaintiffs who have large financial interests.
About the Lawsuit
On July 22, 2010, Beckman reported results for 2Q:10 well below guidance, in substantial part due to quality and compliance issues related to its Troponin product. Following these belated disclosures, shares of Beckman collapsed -- falling $12.64 per share to close at $47.26 per share on July 23, 2010 -- a single day decline of 21%.
Accordingly, the complaint charges that, during the Class Period, defendants concealed the following: (a) that, Beckman failed to disclose that it had modified its Troponin test kits without proper approval from the Food and Drug Administration; (b) that, defendants failed to maintain proper controls and procedures related to regulatory compliance and product quality; (c) that, Beckman failed to disclose the adverse impact the Troponin quality and compliance issues was already having and, forseeably, would continue to have on Becman’s financial results; and (d) that, Beckman’s revenue and earnings guidance for 2010 was not foreseeable, and lacked a reasonable basis.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. Recent cases include In re Virgin Mobile USA IPO Litigation, 2:07-cv-05619-SDW-MCA (D. N.J.), Co-Lead Counsel, $19.5 Million Settlement Preliminarily Approved; In re BigBand Networks, Inc Securities Litigation, 3:07-CV-05101-SBA (C.D. Cal.), Co-Lead Counsel, $11 million settlement; In re U.S. Auto Parts Networks, Inc. Securities Litigation, 2:07-cv-02030-GW-JC (C.D. Cal.),Lead Counsel, $10 million settlement. KSF is also federally court-appointed Co-Lead Counsel in THE shareholder derivative cases against AIG and Bank of America (Merrill Lynch merger) emanating from their recent multi-billion dollar economic declines.
To learn more about KSF, you may visit www.ksfcounsel.com.
CONTACT:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner, 866-467-1400, ext. 200
or after hours via cell phone 504-301-7900
[email protected]
KEYWORDS: United States North America Louisiana
INDUSTRY KEYWORDS: Health Biotechnology Hospitals Medical Devices Other Health Professional Services Legal General Health
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