Shareholders of Swisher Hygiene, Inc. (“Swisher” or the “Company”) are reminded of the securities class action lawsuit filed against Swisher and certain of its officers. The class action (3:12-cv-00216) filed in the United States District Court, Western District of North Carolina is on behalf of all persons who purchased Swisher Hygiene securities between May 16, 2011 and March 28, 2012 inclusive (the “Class Period”). This class action is brought under Sections (10)b and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the SEC, 17 C.F.R. § 240.10b-5.
If you are a shareholder who purchased Swisher securities during the Class Period, you have until May 29, 2012 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Rachelle R. Boyle at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Complaint alleges that throughout the Class Period, the Company made false and/or misleading statements, as well as failed to disclose, that: (1) the Company improperly accounted for business acquisitions; (2) the Company improperly calculated the allowance of doubtful accounts receivable; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times.
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 plummeted $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.