Lawsuit Overview
Settlement Overview
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August 6, 2014 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
March 11, 2014 - The court preliminarily approved the settlement.
February 5, 2014 - Parties filed a stipulation of settlement.
June 24, 2013 - The defendants filed numerous motions to dismiss.
April 24, 2013 - The lead plaintiffs filed an amended consolidated complaint.
October 19, 2012 - The lead plaintiffs and lead counsel were appointed.
August 14, 2012 - The court ordered all cases transferred to the U.S. District Court for Western District of North Carolina and consolidated into a multi-district case.
May 29, 2012 - Lead plaintiff motions were filed.
March 30, 2012 - An investor in shares of Swisher Hygiene Inc (NASDAQ: SWSH) filed a lawsuit in the U.S. District Court for the Southern District of New York against Swisher Hygiene Inc over alleged Violations of Federal Securities Laws in connection with certain financial statements.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased the securities 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 Inc’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 Inc'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.
NASDAQ: SWSH shares, which traded in April 2011 as high as $9.85 per share, closed on March 30, 2012 at $2.46 per share.