San Diego, CA -- (ReleaseWire) -- 05/14/2012 -- A deadline is coming up on May 29, 2012 in the lawsuit filed for investors in NASDAQ:SWSH shares over alleged securities laws violations in connection with certain financial statements made by Swisher Hygiene, Inc.
Investors with a substantial investment in (NASDAQ:SWSH shares between May 16, 2011 and March 28, 2012should get active before the Deadline that is coming up on May 29, 2012, should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges on behalf of purchasers of Swisher Hygiene, Inc. (NASDAQ:SWSH) between May 16, 2011 and March 28, 2012, that Swisher Hygiene Inc. and certain of the Company’s executive officers violated the of federal securities laws by issuing allegedly false and/or misleading statements, as well as failing to disclose material adverse facts about Swisher’s business, operations and prospects.
On March 28, 2012, Swisher Hygiene Inc. (Nasdaq: SWSH) announced that it informed the U.S. Securities and Exchange Commission that Swisher Hygiene Inc. will delay its filing of its annual report. Swisher Hygiene Inc. said the delay in filing is due to an ongoing internal review by Swisher Hygiene's Audit Committee primarily relating to possible adjustments to the accounting for business acquisitions and the calculation of the allowance of doubtful accounts receivable. Swisher Hygiene Inc. said that on March 21, 2012, its Board of Directors concluded that the Company's previously issued interim financial statements for the quarterly periods ended June 30, 2011 and September 30, 2011, and the other financial information in the Company's quarterly reports on Form 10-Q for the periods then ended, should no longer be relied upon. Subsequently, on March 27, 2012, the Audit Committee concluded that the Company's previously issued interim financial statements for the quarterly period ended March 31, 2011 should also no longer be relied upon. Swisher Hygiene Inc said that the Audit Committee's review is not complete and while the amount of any such adjustments cannot be estimated with reasonable certainty at this time, to date, the Audit Committee has preliminarily identified an aggregate of approximately $3.6 million in increases to net loss before income taxes for the affected periods.
Within one year NASDAQ:SWSH shares fell from as high as $9.85 per share in April 2011 to as low as $1.87 on April 2012.
NASDAQ:SWSH shares closed on May 11, 2012 at $1.82 per share.
Those who purchased shares of Swisher Hygiene, Inc. (NASDAQ:SWSH) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego