PHILADELPHIA, Sept. 7, 2010 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. filed a class action lawsuit in the United States District Court, Central District of California, on behalf of all persons who purchased or otherwise acquired the common stock of Beckman Coulter, Inc. (NYSE:BEC), the Company, Scott T. Garrett and Charles P. Slacik for violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934. If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from September 3, 2010. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or any questions concerning this notice, please contact plaintiffs' counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. A copy of the complaint can be viewed at www.bernardmgross.com.
Beckman is a manufacturer and marketer of biomedical testing instrument systems, tests and supplies. The Complaint alleges that defendants made false and misleading statements and omitted to disclose material information during the Class Period concerning Beckman's business and financial results, including but not limited to the Company's failure (a) to disclose that it had made certain modifications to its troponin test kit without seeking the appropriate product clearances from the FDA; (b) to maintain proper controls related to product quality and regulatory compliance; (c) to disclose the adverse impact the troponin quality and compliance issues would have on the Company's operations and financial results including that, as a direct result of its troponin problems, Beckman's customer retention rates in its Clinical Diagnostics segment fell from the high-80% range to the mid-80% range, which caused problems for the Company as it had to focus more of its resources on customer retention and less on new customer additions, which would have a negative impact on its future operations; and that Beckman's revenue earnings guidance for 2010 was misstated and lacked a reasonable basis.
On July 22, 2010, Beckman reported second quarter results which had decreased 27% from the prior year's second quarter due in part to troponin quality and compliance issues. As a result of this disclosure, Beckman's common stock price decreased $12.64 per share to close at $47.26 on July 23, 2010, a one-day decline of 21%. As a result of defendants' false statements and omissions, Beckman's common stock traded at artificially inflated prices during the Class Period.
Plaintiffs are represented by Law Offices Bernard M. Gross, P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Any questions, Please Contact:
Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esquire
Deborah R. Gross, Esquire
Telephone: 866-561-3600 (toll free)
E-mail: susang@bernardmgross.com or
Website: http://www.bernardmgross.com