SOURCE: Izard Nobel LLP

September 07, 2010 18:18 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Beckman Coulter, Inc.

WEST HARTFORD, CT--(Marketwire - September 7, 2010) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Beckman Coulter, Inc. ("Beckman" or the "Company") (NYSE: BEC) between July 31, 2009 and July 22, 2010 (the "Class Period"). 

The Complaint charges that Beckman and certain of its officers and directors violated federal securities laws by making materially false statements. Specifically, the Complaint alleges that defendants concealed the following: (i) Beckman failed to disclose that it had made certain modifications to its troponin test kit without seeking the appropriate product clearances from the Food and Drug Administration; (ii) defendants failed to maintain proper controls related to product quality and regulatory compliance; (iii) Beckman failed to disclose the adverse impact the troponin quality and compliance issues would have on its operations and financial results; and (iv) Beckman's revenue and earnings guidance for 2010 was misstated and lacked a reasonable basis.

On July 22, 2010, Beckman reported its second quarter 2010 results, announcing that it had missed earnings estimates for the quarter and further that it was reducing its guidance due in substantial part to troponin quality and compliance issues. On this news, Beckman's stock plummeted $12.64 per share to close at $47.26 per share on July 23, 2010.

If you are a member of the class, you may, no later than November 2, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/beckmancoulter/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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