NEW YORK, March 13, 2009 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of those who purchased the common stock of Perrigo Company ("Perrigo" or the "Company") (Nasdaq:PRGO) between November 6, 2008 and February 2, 2009, inclusive (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Perrigo securities during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so May 11, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint charges that Perrigo and certain of its officers and directors violated federal securities laws by issuing materially false statements regarding the Company's exposure to at least $18 million of Auction Rate Securities ("ARS"). In January and February of 2008, auctions of ARS began to fail, limiting the ability of holders to sell these securities. Nevertheless, Perrigo had a reasonable expectation of redeeming its $18 million in ARS until September 15, 2008 when Lehman Brothers Holdings, Inc. ("Lehman"), the bank that underwrote and sold the ARS to Perrigo, declared bankruptcy.
On November 6, 2008, the beginning of the Class Period, defendants reported the "fair value" of Perrigo's ARS as $14,500,000, but concealed the impact of Lehman's bankruptcy on Perrigo's ARS. Then on February 3, 2009, defendants disclosed that Lehman had underwritten and sold the ARS to Perrigo and that the Company was writing off the entire value of its ARS, wiping out over a third of Perrigo's earnings. On this news, Perrigo's stock price fell 18%.