CORAL SPRINGS, Fla., Jan. 19, 2006 (PRIMEZONE) -- The law firm of Mager & Goldstein LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Florida on behalf of all purchasers of securities of SFBC International, Inc. ("SFBC" or the "Company")(Nasdaq:SFCC) between February 17, 2004 and December 15, 2005, inclusive (the "Class Period").
The Complaint alleges that defendants violated federal securities laws by issuing materially false and misleading statements during the Class Period regarding the Company's operations, business condition and compliance with applicable regulations. Specifically, defendants reported increasing revenue during the Class Period as a result of the Company's ability to successfully recruit individuals to participate in drug trials. However, SFBC's financial strength actually resulted from a series of improper recruiting and business practices, that if revealed would destroy the Company's credibility for reliable drug testing and subject the Company to fines, possible lawsuits and heavy regulation.
On November 2, 2005, SFBC's improper business and recruitment practices were revealed to the market, with subsequent announcements over the next several weeks. As a result, the Company's stock price plummeted from $41.49 on November 2, 2005 to $15.78 on December 15, 2005, a drop of 61.9%.
If you bought SFBC's securities between February 17, 2004 and December 15, 2005 and sustained damages, you may, no later than March 6, 2006, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative who acts on behalf of other class members in directing the litigation. Under certain circumstances, several class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by whether or not you serve as lead plaintiff. You may retain Mager & Goldstein LLP, or other counsel, to represent you in this action.
Mager & Goldstein has offices in Pennsylvania and Florida. The firm's attorneys have been litigating complex commercial matters for over twenty years.
If you wish to discuss the lawsuit against SFBC International, Inc. with us, or have any questions about this notice or your legal rights with regard to this case, please contact either of the following attorneys:
Jayne Arnold Goldstein 2825 University Drive Suite 350 Coral Springs, Florida 33065 866-849-7545, Toll Free 954-341-0844, Telephone 954-341-0855, Fax E-mail: jgoldstein@magergoldstein.com Lee Albert One Liberty Place, 21st Floor 1650 Market Street Philadelphia, PA 19103 866-284-3280, Toll Free 215-640-3280, Telephone 215-640-3281, Fax Email: lalbert@magergoldstein.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca