LOS ANGELES, Jan. 18, 2006 (PRIMEZONE) -- A securities fraud lawsuit is pending against SeraCare Life Sciences, Inc. ("SeraCare" or the "Company") (Nasdaq:SRLSE) in federal court, Berman DeValerio Pease Tabacco Burt & Pucillo announced today.
Berman DeValerio (http://www.bermanesq.com) filed the class action January 5, in the U.S. District Court for the Southern District of California, Case No. 06-CV-0022 LBLM. The complaint seeks damages for violations of federal securities laws on behalf of all investors who purchased SeraCare common stock between February 9, 2005 and December 19, 2005, inclusive (the "Class Period").
To receive a copy of the complaint, you may contact the court, call the firm at (800) 516-9926 or go to http://www.bermanesq.com/pdf/SeraCare-Cplt.pdf.
The lawsuit claims that SeraCare and a number of individual defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 ("Exchange Act"), 15 U.S.C. ##78j(b) and 78t, and SEC Rule 10b-5, 17 C.F.R. #240.10b-5 promulgated thereunder.
Based in Oceanside, California, SeraCare manufactures and provides biological products and services for diagnostic, therapeutic, drug discovery and research organizations.
The complaint alleges that the defendants issued materially false and misleading statements that artificially inflated the Company's stock price. Specifically, the plaintiffs claim that during the Class Period, the defendants issued false and misleading statements or failed to disclose that:
-- SeraCare had improperly recognized revenue, thus inflating
its financial results;
-- The Company had used faulty methods to account for and value
its inventory;
-- The defendants had failed to prevent certain board members from
exerting undue influence on SeraCare's financial reporting and
auditing processes;
-- The timeliness, quality and completeness of the Company's
implementation and testing of its internal controls were faulty;
and
-- SeraCare's financial statements had violated Generally Accepted
Accounting Principles.
According to the complaint, SeraCare's stock price fell by as much as 62 percent on December 20, 2005, after the Company revealed that its independent auditors had issued a report about the above issues. The Nasdaq Stock Market subsequently delisted SeraCare's shares.
If you purchased SeraCare common stock between February 9, 2005 and December 19, 2005, inclusive, you may wish to contact the following attorneys at Berman DeValerio Pease Tabacco Burt & Pucillo to discuss your rights and interests.
Nicole Lavallee, Esq. Julie Bai, Esq. 425 California Street, Suite 2100 San Francisco, CA 94104 (415) 433-3200 sflaw@bermanesq.com
If you wish to apply to be lead plaintiff in this action, a motion on your behalf must be filed with the court no later than February 21, 2006. You may contact the attorneys at Berman DeValerio to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action, or you may submit information online at http://www.bermanesq.com/Securities/Signup1.asp?caseid=563. Please note, you may also retain counsel of your choice and need not take any action at this time to be a class member.
Berman DeValerio Pease Tabacco Burt & Pucillo prosecutes class actions nationwide on behalf of institutions and individuals, chiefly victims of securities fraud, antitrust law violations, and consumer fraud.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.