Swisher Hygiene To Pay $5.5M In Shareholder MDL

Law360, Los Angeles (February 5, 2014, 10:05 PM EST) -- Commercial cleaning services company Swisher Hygiene Inc. agreed to pay $5.5 million to end a putative securities class action over faulty accounting practices that led to restatements of three quarterly reports, according to a motion filed in North Carolina federal court Wednesday.

The settlement would end allegations that the company violated the Securities Exchange Act of 1934 by filing inflated earnings over the first three quarters of 2011, driving up the Swisher’s stock price before it plummeted in March 2012 when the company announced it was...
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