Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin Stoia”) ( http://www.csgrr.com/cases/schweitzer/) today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the Northern District of Georgia on behalf of purchasers of Schweitzer-Mauduit International, Inc. (“Schweitzer”) (NYSE:SWM) common stock during the period between August 5, 2009 and February 10, 2010 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/schweitzer/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Schweitzer and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Schweitzer manufactures and sells paper and reconstituted tobacco products to the tobacco industry, as well as specialized paper products for use in other applications.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and financial results. Specifically, during the Class Period defendants misrepresented the strength of Schweitzer’s competitive position and concealed problems with Schweitzer’s most important customer. As a result of defendants’ false and misleading statements, Schweitzer’s stock traded at artificially inflated prices during the Class Period, reaching a high of $82 per share on January 14, 2010. As a result of this inflation, Schweitzer was able to consummate a secondary offering of 1.8 million shares of its stock at $60 per share in November 2009.