Investigation Overview
January 15, 2016 (Update) - On September 9, 2015, Stericycle Inc announced the pricing of its public offering of 7,000,000 depositary shares, each of which represents a 1/10th interest in a share of its 5.25% Series A Mandatory Convertible Preferred Stock. The offering price was $100.00 per depositary share.
On October 22, 2015, Stericycle Inc reported its financial results for the 2015 third quarter.
Shares of Stericycle Inc (NASDAQ:SRCL) declined from $150.84 per share on October 19, 2015 to as low as $112.95 per share in early December 2015.
On January 15, 2016, NASDAQ:SRCL shares closed at $115.16 per share.
January 14, 2014 (Shareholders Foundation) - An investigation on behalf of investors in Stericycle Inc (NASDAQ:SRCL) shares was announced over potential breaches of fiduciary duties by certain officers and directors at Stericycle Inc.
The investigation by a law firm concerns whether certain Stericycle officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
In 2008 a lawsuit was filed under seal by a former employee of Stericycle Inc. The lawsuit alleges that Stericycle Inc allegedly has systematically been overbilling the government by levying a standard 18% rate increase every nine months, as well as other unauthorized fees and surcharges. In early 2013 the lawsuit was unsealed and fourteen states have joined the action.
In March 2013, a veterinary clinic filed a lawsuit on behalf of Stericycles private customers, alleging breach of contract and unjust enrichment claims, as well as violations of state deceptive business practice statutes.
Stericycle Inc reported that its Total Revenue rose from over $1.17 billion for the 12 months period that ended on December 31, 2009, to over $1.91 billion for the 12 months period that ended on December 31, 2012 and that its respective Net Income increased from $175.69 million to $268.00 million.
Shares of Stericycle Inc (NASDAQ:SRCL) grew from $47.46 per share in late 2009 to as high as $120.97 per share in October 2013.
On January 13, 2014, NASDAQ:SRCL shares closed at $115.02 per share.