NEW YORK, April 10, 2012 /PRNewswire/ -- Harwood Feffer LLP ( www.hfesq.com) announces that a class action suit was filed in the United States District Court for the Southern District of New York against Swisher Hygiene, Inc. ("Swisher" or the "Company") (NASDAQ: SWSH), Case No. 12-cv-00216, on behalf of purchasers of Swisher stock between May 16, 2011 and March 28, 2012 (the "Class Period").
The Complaint alleges that during the Class Period, the Company made false and misleading statements that failed to disclose, among other things, that: (i) the Company had not properly accounted for certain business acquisitions; (ii) the Company had not properly calculated its allowance for doubtful accounts receivable; and (iii) the Company lacked adequate internal financial controls.
On March 28, 2012, the Company disclosed that its financial statements for the first, second and third quarters for 2011 should no longer be relied upon and may have to be restated by about $3.6 million as a result of improper accounting for business acquisitions and calculation of the allowance of doubtful accounts receivable.On this news, Swisher's securities lost $0.29 per share or 9.5%, to close at $2.76 per share on March 28, 2012. On the next day, the Company's stock continued to decline an additional $0.33 or nearly 12%, to close at $2.43 per share on March 29, 2012. If you purchased Swisher shares during the Class Period and sustained large losses, you may ask the Court to appoint you lead plaintiff for the class. Additionally, current holders of Swisher shares purchased at any time may have a claim. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact: