|[April 25, 2012]
Roy Jacobs & Associates Announces That a Class Action Has Been Filed on Behalf of Purchasers of Swisher Hygiene Inc. ("SWSH")
NEW YORK --(Business Wire)--
Roy Jacobs & Associates, a New York City based law firm representing
investors nationwide, has filed a securities class action on behalf of
investors who purchased Swisher Hygiene Inc. ("Swisher" or the
"Company") (NASDAQ: SWSH) stock commencing on May 5, 2011 and continuing
through March 28, 2012, (the "Class Period"). The lawsuit is pending in
the United States District Court for the Western District of North
Carolina, and alleges securities fraud in violation of Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934.
For further information, please contact Roy L. Jacobs, Esq. toll-free at
1-888-884-4490 or by e-mail to firstname.lastname@example.org.
As alleged n the Complaint, 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, Swisher shares 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 and has not recovered.
If you bought Swisher shares during the Class Period (May 5, 2011
through March 28, 2012), and you are interested in discussing your
rights free of charge, please contact Roy L. Jacobs. Mr. Jacobs will be
glad to personally speak with you.
All motions for appointment as Lead Plaintiff must be filed by May 29,
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