NEW YORK, Jan. 6, 2006 (PRIMEZONE) -- Investors are advised that they have until February 21, 2006 to seek appointment by the Court as lead plaintiff in the class action lawsuit filed by Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com, on behalf of purchasers of SeraCare Life Sciences, Inc. ("Seracare" or the "Company") (Nasdaq:SRLSE) securities during the period from February 9, 2005 and December 19, 2005, inclusive (the "Class Period"). The lawsuit was filed on December 29, 2005 in the United States District Court for the Southern District of California.
The complaint alleges that representations made by defendants during the Class Period regarding SeraCare's financial statements, business and prospects were materially false and misleading when made. Specifically, the defendants failed to disclose: (1) that the Company, in violation of its own revenue recognition accounting policies and practices, improperly recognized revenue which served to materially inflate the Company's financial results; (2) that the accounting for and valuation of the Company's inventory was faulty; (3) that the defendants failed to prevent certain board members from exerting undue influences on the Company's financial reporting process and on the audit process; (4) that throughout the Class Period, the timeliness, quality and completeness of the Company's implementation and testing of its internal controls over financial reporting was lacking, such that the Company lacked adequate internal control; and (5) that the Company's financial statements were presented in violation of Generally Accepted Accounting Principles ("GAAP").
On December 14, 2005, SeraCare filed a current report on Form 8-K wherein it stated that the Company was unable, without reasonable effort and expense, to file its annual report on Form 10-K for its fiscal year ended September 30, 2005. Then, on December 20, 2005, before the market opened, SeraCare announced an internal review by its Audit Committee. In reaction to this announcement, the price of SeraCare stock fell from $19.30 per share on December 19, 2005 to $10.04 per share on December 20, 2005, a one-day drop of over 47%.
If you purchased the securities of SeraCare Life Sciences, Inc. during the Class Period, you have until February 21, 2006 to ask the Court to appoint you as lead plaintiff for the Class. Lead plaintiffs must meet certain legal requirements. Shareholders outside the United States may also join the action, regardless of where they live or which exchange was used to purchase the securities. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Teresa L. Webb (tlwebb@pomlaw.com) or Carolyn S. Moskowitz (csmoskowitz@pomlaw.com) of the Pomerantz Firm at 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, which has offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. For more information about the Firm, visit our web site at www.pomlaw.com.