Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the securities of Swisher Hygiene Inc. (“Swisher” or the “Company”) (NasdaqGS: SWSH) between May 16, 2011 and March 28, 2012, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Swisher during the Class Period, or purchased shares prior to the Class Period and still hold Swisher stock, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Scott J. Farrell, Esquire of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/swisher-hygiene-inc-swsh.
Swisher, a Delaware corporation headquartered in Charlotte, North Carolina, provides hygiene and sanitation solutions. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements concerning the Company’s publicly reported financial statements for the first, second and third quarters of 2011. Specifically, the Complaint alleges that on March 28, 2012, the Company disclosed that its Audit Committee was conducting an ongoing internal review relating to possible adjustments to Swisher’s accounting for business acquisitions and the calculation of the allowance for doubtful accounts receivable. The review was initiated after an informal inquiry prompted by a former employee’s concerns with certain accounting policies. As a result, the Company announced that its previously reported financial results for the first, second and third quarters of 2011 should no longer be relied upon.
As a consequence of these disclosures, the price of Swisher common stock declined to a close of $2.76 per share on March 28, 2012, a drop of 9.51%, on March 28, 2012, and further declined 11.96% on the following day, dropping to a close of $2.43 per share on March 29, 2012, on unusually heavy trading volume.