WILMINGTON, Del., Nov. 18, 2014 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating Bio-Rad Laboratories, Inc. ("Bio-Rad" or the "Company") for possible violations of securities laws relating to yesterday's November 3rd announcement that the Company has agreed to pay $55 million to resolve bribery claims alleged by the U.S. Securities and Exchange Commission ("SEC") and the U.S. Department of Justice ("DOJ").
On November 3, 2014, Bio-Rad agreed to pay roughly $55 million to resolve U.S. authorities' allegations that it failed to prevent bribery of officials in Russia, Thailand and Vietnam and falsified records to hide the payments. Both the SEC and DOJ have reported that the Company paid $7.5 million in bribes to officials in the three countries from 2005 to 2010 to win business, enabling it to make $35 million in illicit profits. U.S. authorities also stated that Bio-Rad fraudulently masked the bribes as legitimate expenses such as commissions, advertising and training fees. As a result of this news, Bio-Rad's share price fell from $113.41 to $111.80 on November 4, 2014.
Given this information, Andrews & Springer LLC is preparing a class action lawsuit as a result. If you own shares of Bio-Rad and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/BIO or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.