STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of Stericycle, Inc. (NASDAQ: SRCL; SRCLP) (“Stericycle” or the “Company”) publicly traded securities between February 7, 2013 and April 28, 2016, inclusive (the “Class Period) and all those who purchased securities in Stericycle’s public offering of depositary shares on or about September 15, 2015. Investors who wish to become proactively involved in the litigation have until September 12, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Stericycle. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the defendants’ failure to disclose in connection with the Company’s public offering and during the Class Period 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, thus inflating revenues and growth.
According to the complaint, following the October 22, 2015 Company disclosure of (1) disappointing growth rates and revenues during the third quarter of 2015 and lowered guidance going forward, and (2) the April 28, 2016 Company disclosure that its first quarter of 2016 results were below its guidance and analysts’ expectations and that it was lowering its 2016 guidance going forward, the value of Stericycle shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Stericycle securities and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.