ATLANTA, Sept. 8, 2005 (PRIMEZONE) -- The law firm of Holzer & Holzer LLC announced today that it has filed a class action lawsuit in the United States District Court for the Northern District of Georgia, on behalf of purchasers of Immucor, Inc. (Nasdaq:BLUDE) ("Immucor" or the "company") publicly traded securities during the period between January 7, 2005 and August 29, 2005, inclusive (the "Class Period"), against defendants Immucor and certain of its current and former officers and directors. The class action lawsuit was assigned civil action number 1:05-CV-2295. A copy of the Complaint filed in this action is available from the Court, or can obtained by emailing mfistel@holzerlaw.com.
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") by misrepresenting that Immucor's financial statements and disclosures fairly and accurately reflected the Company's results of operations as required by Generally Accepted Accounting Principles ("GAAP") and the Exchange Act. The Complaint also charges that Defendants' Sarbanes-Oxley certifications during the Class Period were false and misleading, as the Company, knowingly or with severe recklessness, lacked adequate internal controls and failed to keep proper books and records in violation of their well-publicized Code of Corporate Conduct.
On August 26, 2005 the Company announced that the Securities and Exchange Commission (the "SEC") had launched a formal investigation into payments made by its Italian unit and its president, Defendant De Chirico, in October 2003 to a physician connected with a hospital with which the Company was doing business. After the market closed on August 29, 2005, the Company revealed further that its chief financial officer had resigned, that it would be revising its previously issued results for at least two quarters in order to account for a previously unrecorded accrued bonus, and that its Form 10-K for fiscal year 2005 would be further delayed due to additional accounting and auditing procedures the Company claimed was necessary to properly reflect the accrued bonus and to render the internal controls report required by Section 404 of Sarbanes-Oxley.
As a result of the alleged fraud, the price of Immucor common stock dropped from a closing price of $28.61 on August 25, 2005 before the market learned of the SEC's formal investigation to close at $24.00 per share on August 30, 2005.
If you purchased or otherwise acquired BLUDE common stock between January 7, 2005 and August 29, 2005, inclusive, suffered losses in your investment and wish to serve as lead plaintiff, you must move the Court no later than October 31, 2005. If you are a member of this class and wish to join this action, or if you have any questions concerning this Notice of Filing or your rights as a potential class member, or if you wish to serve as a lead plaintiff in this lawsuit, you may call or e-mail the attorney below. Any member of the purported class may move the Court to serve as lead plaintiff through Holzer & Holzer LLC, or other counsel of their choice, or may choose to do nothing and remain an absent class member.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.