SOURCE: Stull, Stull & Brody

January 17, 2006 15:13 ET

Stull, Stull & Brody Announces Class Action Against SFBC International, Inc.

NEW YORK, NY -- (MARKET WIRE) -- January 17, 2006 -- Notice is hereby given that a class action has been commenced in the United States District Court for the Southern District of Florida on behalf of all persons who purchased the publicly traded securities of SFBC International, Inc. (NASDAQ: SFCC) ("SFBC" or the "Company") between February 17, 2004 and December 15, 2005, inclusive, (the "Class Period"). Also included are all those who acquired SFBC's shares through the acquisitions of Taylor Technology or PharmaNet and those who purchased in the secondary offering on March 10, 2005.

Stull, Stull & Brody has substantial experience representing employees who suffered losses from purchases of their employer's stock in their 401(k) plans. If you bought SFBC's stock through your SFBC retirement account and have information or would like to learn more about these claims, please contact us.

The complaint alleges that defendants violated federal securities laws by issuing a series of materially false statements concerning SFBC's business condition. Specifically, defendants touted the Company's strong revenue, earnings, and its ability to outperform competitors and obtain large contracts from drug companies, because of the large numbers of participants its facilities could handle, and its ability to quickly recruit participants for drug trials. SFBC's financial success, however, was the result of business practices that were improper and reckless, and if discovered, would cause the Company to lose its credibility for accurate drug testing, and thus lose customers, expose the Company to fines and possible lawsuits from victims of faulty drugs, and face heavy regulation such that its ability to outperform competitors and quickly recruit large groups of participants could no longer be sustained.

When news of SFBC's improper business practices was revealed to the market beginning on November 2, 2005, through the end of the Class Period on December 15, 2005, the Company's stock price fell 61.9% from $41.49 to $15.78.

If you are a member of the class, you may, no later than March 6, 2006, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in both New York and Los Angeles.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by e-mail at SSBNY@aol.com, by calling toll-free 1-800-337-4983, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.

Contact Information

  • Contact:
    Tzivia Brody, Esq.
    Email Contact
    1-800-337-4983
    Fax: 212/490-2022