Published: September 03, 2010
Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Beckman Coulter, Inc.
SAN DIEGO - (BUSINESS WIRE) - Robbins Geller Rudman & Dowd LLP ("Robbins Geller" ) (http://www.rgrdlaw.com/cases/beckman/)
today announced that a class action has been commenced on behalf of an
institutional investor in the United States District Court for the
Central District of California on behalf of purchasers of Beckman
Coulter, Inc. ("Beckman" ) (NYSE:BEC) common stock during the period
between July 31, 2009 and July 22, 2010 (the "Class Period" ).
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from today. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests, please
contact plaintiff's counsel, Darren Robbins of Robbins Geller at
800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com.
If you are a member of this class, you can view a copy of the complaint
as filed or join this class action online at http://www.rgrdlaw.com/cases/beckman/.
Any member of the putative class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing
and remain an absent class member.
The complaint charges Beckman and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. Beckman is a
manufacturer and marketer of biomedical testing instrument systems,
tests and supplies.
The complaint alleges that during the Class Period, defendants issued
materially false and misleading statements regarding Beckman's business
and financial results. Defendants engaged in improper behavior that
harmed Beckman's investors by failing to disclose the quality and
compliance issues related to its troponin test kits. As a result of
defendants' false statements, Beckman's stock traded at artificially
inflated prices during the Class Period, reaching a high of $71.20 per
share on September 14, 2009.
On July 22, 2010, Beckman 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. On this news, Beckman's stock
plummeted $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.
The complaint alleges certain facts which defendants concealed during
the Class Period, including: (a) Beckman failed to disclose that it had
made certain modifications to its troponin test kit without seeking the
appropriate product clearances from the Food and Drug Administration;
(b) defendants failed to maintain proper controls related to product
quality and regulatory compliance; (c) Beckman failed to disclose the
adverse impact the troponin quality and compliance issues would have on
its operations and financial results; and (d) Beckman's revenue and
earnings guidance for 2010 was misstated and lacked a reasonable basis.
As a result of defendants' false statements and omissions, Beckman's
common stock traded at artificially inflated prices during the Class
Period. However, after the above revelations seeped into the market,
Beckman's shares were hammered by massive sales, sending them down
nearly 34% from their Class Period high.
Plaintiff seeks to recover damages on behalf of all purchasers of
Beckman common stock during the Class Period (the "Class" ). The
plaintiff is represented by Robbins Geller, which has expertise in
prosecuting investor class actions and extensive experience in actions
involving financial fraud.
Robbins Geller, a 180-lawyer firm with offices in San Diego, San
Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and
Atlanta, is active in major litigations pending in federal and state
courts throughout the United States and has taken a leading role in many
important actions on behalf of defrauded investors, consumers, and
companies, as well as victims of human rights violations. The Robbins
Geller Web site (http://www.rgrdlaw.com)
has more information about the firm.

Robbins Geller Rudman & Dowd LLP
Darren Robbins, 800-449-4900
or 619-231-1058
djr@rgrdlaw.com
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