Roy Jacobs & Associates, a New York City based law firm representing investors nationwide, has filed a securities class action on behalf of investors who purchased Swisher Hygiene Inc. ("Swisher" or the "Company") (NASDAQ: SWSH) stock commencing on March 31, 2011 and continuing through March 28, 2012, (the "Class Period"). The lawsuit is pending in the United States District Court for the Western District of North Carolina, and alleges securities fraud in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The Class Period has been expanded to commence on March 31, 2011, rather than the previous date, May 5, 2011.
For further information, please contact Roy L. Jacobs, Esq. toll-free at 1-888-884-4490 or by e-mail to firstname.lastname@example.org.
As alleged in the Complaint, throughout the Class Period, Defendants repeatedly touted the Company's financial strength and future prospects. These statements, however, were materially false and misleading when made because the Company: (1) was improperly accounting for business acquisitions; (2) was improperly calculating its allowance for doubtful accounts receivable; (3) was overstating its income; (4) was preparing and filing financial reports in violation of Generally Accepted Accounting Principles ("GAAP"); and (5) failed to have adequate internal and financial controls.
On March 28, 2012, Swisher disclosed that its previously-announced financial results for the first, second and third quarter of 2011 should no longer be relied upon and that its Audit Committee was conducting an ongoing internal review, which was initiated following a concern raised by a former employee. On this news, Swisher shares declined $0.29 per share, or more than 9.5%, to close on March 28, 2012, at $2.76 per share. The Company's stock declined another $0.33 per share, or nearly 12%, on March 29, 2012 and has not recovered.If you bought Swisher shares during the Class Period (March 31, 2011 through March 28, 2012), and you are interested in discussing your rights free of charge, please contact Roy L. Jacobs. Mr. Jacobs will be glad to personally speak with you.