Lawsuit Overview
Settlement Overview
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September 16, 2014 - The court ordered the authorization of the distribution of the net settlement fund.
March 2, 2012 - The court approved the settlement, entered the orders approving the plan of allocation, and dismissed the action with prejudice.
March 1, 2012 - The court entered the orders approving the motion for attorneys’ fees and expenses.
November 8, 2011 - The court preliminarily approved the settlement.
September 13, 2011 - Parties filed a stipulation of settlement.
April 22, 2011 - The defendants filed a motion to dismiss.
February 7, 2011 - The lead plaintiff filed a consolidated complaint.
December 8, 2010 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.
November 5, 2010 - Corrected lead plaintiff motions were filed.
November 2, 2010 - Lead plaintiff motions were filed.
September 7, 2010 - Another investor filed a complaint.
September 3, 2010 - An investor in shares of Beckman Coulter Inc (NYSE: BEC) filed a lawsuit in the U.S. District Court for the Central District of California against Beckman Coulter over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 31, 2009 and July 22, 2010.
According to the complaint the plaintiff alleges Beckman Coulter Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between July 31, 2009 and July 22, 2010 materially false and misleading statements regarding its business and financial results. The plaintiff alleges that the defendants engaged in improper behavior that harmed Beckman Coulter Inc's investors by failing to disclose the quality and compliance issues related to its troponin test kits and as a result of defendants' false statements, Beckman Coulter Inc's stock (NYSE: BEC) traded at artificially inflated prices between July 31, 2009 and July 22, 2010, reaching a high of $71.20 per share on September 14, 2009. Beckman Coulter Inc's total revenue increased over the past four years from $2.5285 billion in 2006 to $3.2606 billion in 2009. But its Net Income decreased over the same period from $186.90 million in 2006 and $203.70 million in 2007 to $147.10 million in 2009.
Then on July 22, 2010, Beckman Coulter Inc 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. As a result of this news, so the lawsuit, Beckman Coulter Inc's stock (NYSE: BEC) declined $12.64 per share to close at $47.26 per share on July 23, 2010, a one-day decline of 21% on volume of over 8.6 million shares. Shares of Beckman Coulter Inc traded recently at $46.50 per share, down from its current 52 week High of $71.57 per share. Beckman Coulter Inc shares traded in July 2010 as high as $63.25 per share before taking the hit on July 23, 2010 to under $48 per share. Beckman Coulter Inc shares traded as high as $74.94 per share in August 2008 before decreasing until the end of the year as a result of the financial crisis to as low as $39.44 per share in December 2008. Since the 2008 low BEC shares were able to regain value in 2009 to as high as over $70 per share.
Beckman Coulter Inc, located in Brea, California, is a manufacturer and marketer of biomedical testing instrument systems, tests and supplies.