LOS ANGELES, Sept. 14, 2005 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the Northern District of Georgia on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired securities of Immucor, Inc. ("Immucor" or the "Company") (Nasdaq:BLUD) (Nasdaq:BLUDE), between January 7, 2005 and August 29, 2005, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Immucor and certain of the Company's executive officers with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act"), and Rule10b-5 promulgated thereunder. Plaintiff claims Defendants misrepresented 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 alleges that during the Class Period Defendants' certifications pursuant to the Sarbanes-Oxley Act also were false and misleading, as the Company knowingly, or with severe recklessness, lacked adequate internal controls and failed to maintain proper books and records in violation of its well-publicized Code of Corporate Conduct. The nature of Defendants' fraud was revealed initially on August 26, 2005, when the Company was forced to announce that the Securities and Exchange Commission (the "SEC") had launched a formal investigation into payments made in October 2003 by Immucor's Italian subsidiary and Immucor's president, Defendant De Chirico, 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 financial results for at least two quarters in order to account for a previously unrecorded accrued bonus, and that its Form 10 K for fiscal 2005 would be further delayed due to additional accounting and auditing procedures, which the Company claimed were necessary to properly reflect the accrued bonus and to render the internal controls report required by Section 404 of Sarbanes-Oxley.
In response to this news, Immucor common stock dropped from a closing price of $28.61 per share on August 25, 2005 -- before the market learned of the SEC's formal investigation -- to close at $24.00 on August 30, 2005, in extremely heavy trading, nearly ten times the average daily volume.
During the first six months of 2005, Immucor insiders sold approximately 186,000 shares for proceeds of approximately $4,970,000. During this time, Defendants led the market to believe that internal control issues involving the Italian subsidiary were "an isolated event" that was not expected to result in more than a $350,000 fine and increased investigation expenses already factored into the Company's bottom line. In fact, Immucor's internal control problems, as the market later learned, were not confined to its Italian unit and did not center solely around this alleged "isolated event."
Any member of the Class described above may move the Court to serve as lead plaintiff, not later than 60 days from August 31, 2005 -- a period ending October 31, 2005. To serve as lead plaintiff, however, you must meet certain legal requirements. 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 Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.