Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Stericycle, Inc. (SRCL, SRCLP)


NEW YORK, July 15, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Stericycle, Inc. (“Stericycle” or the “Company”) (Nasdaq:SRCL) (Nasdaq:SRCLP) in the United States District Court for the Northern District of Illinois on behalf of purchasers of common stock and/or depository shares between February 7, 2013 and April 28, 2016, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”) and Securities Act of 1933 (the “Securities Act”).

According to the Complaint, the Company failed to disclose that it engaged in a scheme whereby it routinely raised the rates it charged smaller customers in violation of the contracts with those customers.  This inflated revenues and growth.  On October 22, 2015, the Company disclosed disappointing growth rates and revenues during the third quarter of 2015 and lowered its guidance going forward.  These disclosures caused the Company’s stock to decline by over 19%.  On April 28, 2016, the Company disclosed that its results for the first quarter of 2016 were below its guidance and analysts’ expectations, and lowered its 2016 guidance going forward.  These disclosures caused the Company’s stock to decline by over 21.5%.

If you wish to serve as lead plaintiff, you must move the Court no later than September 12, 2016.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.