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Kahn Swick & Foti, LLC and Former Louisiana Attorney General Announce Class Complaint Against Beckman Coulter, Inc. on Behalf of Shareholders Who Purchased Shares of BEC From July ...

Tue, 09/07/2010 - 9:45am
The Associated Press

Kahn Swick & Foti, LLC ("KSF") (www.ksfcounsel.com (http://www.ksfcounsel.com) ), a nationally recognized Louisiana-based law firm, and KSF partner Charles C. Foti, Jr., former Attorney General of Louisiana, announce that a class action securities case was filed in the United States District Court for the Central District of California on behalf of purchasers of Beckman Coulter, Inc. ("Beckman Coulter") (NYSE: BEC) common stock during the period between July 31, 2009 and July 22, 2010, inclusive (the "Class Period").

If you are an BEC shareholder who has suffered losses on your investment during this period and would like to receive a copy of this complaint and discuss your rights as class members and/or apply for lead plaintiff, you may, without obligation or cost to you, prior to November 2, 2010, e-mail or call Managing Partner, Lewis Kahn (lewis.kahn@ksfcounsel.com (mailto:lewis.kahn@ksfcounsel.com) ), toll free at 1-866-467-1400, ext. 200, or after hours via cell phone 504-301-7900 or, KSF Director of Client Relations, Neil Rothstein, Esq. (neil.rothstein@ksfcounsel.com (mailto:neil.rothstein@ksfcounsel.com) ), toll free at 877/694-9510, or via cell phone 330/860-4092. You may also visit KSF's website at www.ksfcounsel.com (http://www.ksfcounsel.com/) to contact the firm online. A "lead plaintiff" is a representative party that acts on behalf of other class members in directing and controlling the litigation. To learn more about KSF and how becoming a lead plaintiff may benefit you, you may contact Mr. Kahn or Mr. Rothstein.

On July 22, 2010, Beckman reported results for 2Q:10 well below guidance, in substantial part due to quality and compliance issues related to its Troponin product. Following these belated disclosures, shares of Beckman collapsed -- falling $12.64 per share to close at $47.26 per share on July 23, 2010 -- a single day decline of 21%.

Accordingly, the complaint charges that, during the Class Period, defendants concealed the following: (a) that, Beckman failed to disclose that it had modified its Troponin test kits without proper approval from the Food and Drug Administration; (b) that, defendants failed to maintain proper controls and procedures related to regulatory compliance and product quality; (c) that, Beckman failed to disclose the adverse impact the Troponin quality and compliance issues was already having and, forseeably, would continue to have on Becman's financial results; and (d) that, Beckman's revenue and earnings guidance for 2010 was not foreseeable, and lacked a reasonable basis.

If you wish to serve as lead plaintiff in this class action lawsuit, you must request this position by application to the court no later than November 2, 2010. 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. To learn more about KSF, you may visit www.ksfcounsel.com (http://www.ksfcounsel.com/) . KSF is a law firm focused on securities class action litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions.

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