Block & Leviton LLP, a Boston-based law firm representing investors nationwide, has filed a securities class action lawsuit on behalf of investors who purchased Swisher Hygiene Inc. stock between May 16, 2011 and March 28, 2012, inclusive. The lawsuit, captioned Birch v. Swisher Hygiene Inc., No. 3:12-cv-00221, is pending in the United States District Court for the Western District of North Carolina.
The lawsuit alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the SEC.
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, shares of Swisher Hygiene stock 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.
Wednesday, April 11, 2012
Gay rights group sues Nevada for same-sex marriage
A national gay rights advocacy group took its state-by-state fight for same-sex marriage equality to a federal court for the first time Tuesday, filing a lawsuit in a bid to force Nevada to allow gay and lesbian couples to marry.
The Lambda Legal Defense and Education Fund lawsuit focused on the differences between rights granted by a domestic partnership law passed by the state Legislature in 2009 and a gay marriage ban made part of the state constitution by voters in 2002.
It seeks to void the constitutional ban "and any other sources of state law that exclude same-sex couples from marriage," and to recover unspecified legal costs and fees. It claims eight same-sex couples are being discriminated against because they aren't allowed to marry.
"Nevada already gives same-sex couples the rights and responsibilities of family, parenting and relationships," said Tara Borelli, a Los Angeles-based Lambda Legal attorney. "What is the reason for not giving them the one word that says it all?"
The civil lawsuit filed in U.S. District Court in Las Vegas names Republican Gov. Brian Sandoval as a defendant. It alleges state lawmakers established a "selective bar to access to marriage" with the 2009 domestic partnership law that was passed over a veto by then-Gov. Jim Gibbons, a Republican.
The Lambda Legal Defense and Education Fund lawsuit focused on the differences between rights granted by a domestic partnership law passed by the state Legislature in 2009 and a gay marriage ban made part of the state constitution by voters in 2002.
It seeks to void the constitutional ban "and any other sources of state law that exclude same-sex couples from marriage," and to recover unspecified legal costs and fees. It claims eight same-sex couples are being discriminated against because they aren't allowed to marry.
"Nevada already gives same-sex couples the rights and responsibilities of family, parenting and relationships," said Tara Borelli, a Los Angeles-based Lambda Legal attorney. "What is the reason for not giving them the one word that says it all?"
The civil lawsuit filed in U.S. District Court in Las Vegas names Republican Gov. Brian Sandoval as a defendant. It alleges state lawmakers established a "selective bar to access to marriage" with the 2009 domestic partnership law that was passed over a veto by then-Gov. Jim Gibbons, a Republican.
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