LOS ANGELES, May 8, 2012 /PRNewswire/ -- The Lin Law Firm, A Professional Law Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Swisher Hygiene Inc. ("Swisher" or the "Company") (Nasdaq: SWSH) securities between May 16, 2011 and March 28, 2012 ("Class Period"). Investors who purchased Swisher securities during the Class Period and suffered a loss have until May 29, 2012, to request appointment by the Court as lead plaintiff.
Swisher is a provider of hygiene and sanitation solutions. On March 28, 2012, Swisher disclosed that its previously issued financial results for the first, second and third quarter of 2011 should no longer be relied upon and may have to be restated. The Company informed investors that the Company's Audit Committee was conducting an ongoing internal review relating to possible adjustments to (1) the accounting for business acquisitions and (2) the calculation of the allowance of doubtful accounts receivable. According to Swisher, the Audit Committee initiated its review after an informal inquiry by the Company regarding a former employee's concerns with certain of the Company's accounting policies.
Following these disclosures, Swisher shares declined 9.51% on March 28, 2012, and further declined 11.96% on March 29, 2012 to close at $2.43 per share.
The Complaint alleges violations of the federal securities laws. Specifically, the Complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that Swisher improperly accounted for business acquisitions, improperly calculated its allowance for doubtful accounts receivable, overstated its income, did not prepare its financial results in accordance with Generally Accepted Accounting Principles, lacked adequate internal and financial controls, and issued materially false and misleading financial statements.
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