NEW YORK, Nov. 13, 2008 (GLOBE NEWSWIRE) -- Attorney Advertising. The law firm of Bull & Lifshitz, LLP is investigating possible illegal conduct as alleged in a proposed class action lawsuit filed in the United States District Court for the District of Massachusetts against Waters Corporation ("Waters Corp." or the "Company") (NYSE:WAT) and certain of Waters Corp's officers and directors for violations of the Securities Exchange Act of 1934. The lawsuit is brought on behalf of all purchasers of common stock from January 24, 2007 and January 22, 2008 (the "Class Period").
Waters Corp. is a Delaware corporation with its principal executive offices located in Milford, Massachusetts. The Company provides high-performance liquid chromatography products and services and distributes its products worldwide to a wide range of industries, such as pharmaceuticals, chemicals, and environmental testing.
According to the class action complaint, representations contained in Water Corp.'s press releases, SEC filings, conference calls, and presentations during the Class Period were materially false and misleading when made because they failed to disclose: (i) that the Company was experiencing a slowdown in sales in the Japanese market as a result of decreased government regulation, which reduced the need for the Company's products and services; (ii) that the Company's earnings were being materially impacted by an increased tax rate; and (iii) as a result of the foregoing, the Company had no reasonable basis for its 2007 earnings guidance.
According to the class action complaint, on January 22, 2008, Waters Corp. announced its financial results for the fourth quarter and year-end 2007, the period ended December 31, 2007. Following this press release, the defendants held a conference call with analysts and investors and revealed that "an unexpected increase in (its) annual tax rate, among other factors, adversely affected (its) bottom-line performance." Moreover, the Company stated that its Japanese sales were "weaker than anticipated due to a change in the testing protocols for drinking water analysis in Japan" which the Company knew about since "last year." Upon this news, shares of the Company's stock fell $14.65 per share, or approximately 20%, to close at $58.58 per share, on heavy trading volume.
If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com. Please visit the Bull & Lifshitz, LLP website (http://www.nyclasslaw.com) for more information about the firm.
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