BOSTON, May 24, 2012 /PRNewswire/ --Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, reminds investors that the lead plaintiff deadline in the securities class action against Swisher Hygiene Inc. ("Swisher" or the "Company") (NASDAQ: SWSH) is Tuesday, May 29, 2012. Also, the Class Period in the ongoing litigation has been expanded and now commences on March 31, 2011, rather than the previous date, May 5, 2011.Thus, the Class Period runs from March 31, 2011 through March 28, 2012.
The lawsuit alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5.
Throughout the Class Period, Defendants repeatedly touted the Company's financial strength and future prospects. These statements were materially false and misleading 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; 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. This review, still ongoing, has led to the termination of Swisher's CFO and at least 2 other senior accounting personnel. Since the announcement that their financial results could no longer be relied upon, the price of Swisher shares has fallen nearly 25%.
If you purchased shares of Swisher during the Class Period, you may, no later than May 29, 2012, request that the Court appoint you Lead Plaintiff for the Class. You may contact the attorneys at Block & Leviton to discuss your rights in the case.You may also retain counsel of your choice and you need not take any action at this time to be a class member.
Block & Leviton is a Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years.
Contact: BLOCK & LEVITON LLP
SOURCE Block & Leviton LLP