SOURCE: Brower Piven, A Professional Corporation

June 18, 2010 16:05 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in Celera Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the August 13, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - June 18, 2010) -  Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of Celera Corporation ("Celera" or the "Company") (NASDAQ: CRA) during the period between April 24, 2008 and July 22, 2009, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than August 13, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through hoffman@browerpiven.com or 410/415-6616) to answer any questions you may have in that regard. 

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company would not be able to increase the amount of its Lab Services business that was under contract with third-party insurance and could not reduce its exposure to uncollectible accounts receivables and that the Company was not adequately reserving for its bad debts. According to the complaint, after, on July 22, 2009, the Company announced that its second quarter 2009 revenues relative to the prior year quarter were expected to show a reduction for the Company's Lab Services business, that its Lab Services revenues were adversely affected by lower than anticipated sample volume due to broad economic pressures, lost business as a result of the Company's efforts to collect aged receivables, and the denial of reimbursement on a number of tests by certain payors in some regions, and that it expected to record significant charges in the second quarter of 2009 for bad debt expense and impairment of goodwill and intangible assets, the value of Celera stock declined significantly.

If you have suffered a net loss for all transactions in Celera Corporation common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact