Navigation Links
Kohn, Swift & Graf, P.C. Announces Commencement of Lawsuit Against Pall Corporation-PLL
Date:10/11/2007

PHILADELPHIA, Oct. 11 /PRNewswire/ -- The law firm of Kohn, Swift & Graf, P.C. announces that a class action shareholder lawsuit has been commenced against Pall Corporation ("Pall" or the "Company") (NYSE: PLL). The lawsuit, filed in the United States District Court for the Eastern District of New York, seeks damages for violations of federal securities laws on behalf of all investors who purchased Pall securities between April 20, 2007 and August 8, 2007 (the "Class Period").

The Complaint alleges that Pall and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. Sections 78j(b) and 78t(a) and Rule 10b-5 promulgated thereunder, 17 C.F.R. Section 240.10b-5. The Company, together with its subsidiaries, manufactures and markets filtration, purification, and separation products and integrated systems solutions worldwide.

According to the Complaint, during the Class Period, defendants issued materially false and misleading statements that misrepresented and failed to disclose: (1) that Pall was materially overstating its financial results by understating its income tax liability; (2) that the Company misstated its effective tax rate, and the factors affecting the Company's effective tax rate; (3) that the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.

On July 19, 2007, after the markets closed, Pall announced that the Audit Committee of its Board of Directors had commenced an inquiry into a possible material understatement of U.S. income tax payments and of its provision for income taxes in certain prior periods beginning with fiscal year ended July 31, 1999. In response to this announcement, the price of Pall common stock declined from $48.78 per share to $41.11 per share, on unusually high trading volume. Subsequently, on August 2, 2007, Pall disclosed that it was restating its financial statements for each of the fiscal years 1999 through 2006, and for each of the fiscal quarters ended October 31, 2006, January 31, 2007 and April 30, 2007. The restatements were necessitated by the Company's understatement of U.S. income tax payment and its provision for income taxes. The Company stated that the taxes payable could be in excess of $130 million, exclusive of interest and penalties. Further, the Company advised investors that they could no longer rely on the Company's previously issued financial statements. Upon this news, shares of the Company's stock fell $1.21 per share, to close at $39.90 per share, on heavy trading volume.

If you bought the securities of Pall during the Class Period, and sustained damages, you may, no later than October 15, 2007, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Kohn, Swift & Graf, P.C., or other counsel of your choice, to serve as your counsel in this action.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Denis F. Sheils, Esq. or William E. Hoese, Esq. at Kohn, Swift & Graf, P.C., by e-mail at dsheils@kohnswift.com or whoese@kohnswift.com, by calling (215) 238-1700, by fax at (215) 238-1968, or by writing to Kohn, Swift, & Graf, P.C., One South Broad Street, Suite 2100, Philadelphia, PA 19107. You can also visit http://www.kohnswift.com


'/>"/>
SOURCE Kohn, Swift & Graf, P.C.
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. New swift therapy limits stroke damage
2. Pharma Major Ind-Swift to Enter US, Japan
3. PM announces a new health care order for India
4. Ramdoss Announces Introduction of RCH-II
5. Britain Announces Third Transfusion Related Mad Cow Case
6. Gates Foundation Announces $287 Million In Grants Towards AIDS Vaccine
7. Tibet Announces the Dalai Lama’s Tour of South Americ
8. NHS announces further Cost cutting Measures
9. Indian PM Announces Of Setting Up India Study Center At Tashkent
10. PowderMed Announces Needle-Less Flu Vaccine
11. Malaysia Announces Prison term On People Donating HIV-Contaminated Blood
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/5/2016)... ... May 05, 2016 , ... Derrin Doty Group has unveiled the latest ... Orchard and communities west of Seattle. The insurance provider’s caring team has been so ... died suddenly due to complications from the flu, that they have decided to extend ...
(Date:5/5/2016)... ... 05, 2016 , ... Michael Lanteri Agency in Fort Collins, ... the people of their local community. The agency pledges to select a new ... hope is to bring awareness to important local causes with fundraising and other ...
(Date:5/5/2016)... ... May 05, 2016 , ... Long Island’s fastest growing comprehensive eye ... Long Island eye surgeon, Kathleen Van Valkenburg, MD as part of their ongoing effort ... MD, medical director and managing partner of North Shore Eye Care. , “We ...
(Date:5/5/2016)... ... May 05, 2016 , ... A local study examining asthma ... 40 percent of participating fifth-grade students already have or are at risk for ... Research in the Division of Pulmonary, Allergy and Critical Care Medicine at ...
(Date:5/5/2016)... ... , ... Dr. Benjamin Stong of Kalos Facial Plastic Surgery, LLC in Atlanta, ... double board certified and the only facial plastic surgeon in Atlanta to offer ... such as stem cells can be used to provide stabilization to hair transplant results ...
Breaking Medicine News(10 mins):
(Date:5/5/2016)... , May 5, 2016 ... addition of the  "Europe Thalassaemia Market and ... their offering.       (Logo: ... Europe Thalassaemia Market and Competitive Landscape Highlights ... pipeline products, Thalassaemia epidemiology, Thalassaemia market valuations ...
(Date:5/4/2016)... Holdings (NYSE: CODI ) ("CODI," "we," "our" ... businesses, announced today its consolidated operating results for the ... Quarter 2016 Highlights , Generated Cash Flow Available ... $13.6 million for the first quarter of 2016; ... first quarter of 2016; , Paid a first ...
(Date:5/4/2016)...  It,s time for an upgrade. There are many medical recorders on the market ... the illustrious DVMAXX HD  offers unparalleled connectivity and functionality.  Ampronix  is a renowned ... manufacturer of innovative technology.  Photo - http://photos.prnewswire.com/prnh/20160503/363416 ... ... ...
Breaking Medicine Technology: