In Re Stericycle, Inc. Securities Litigation

2013 WL 5609328 (2013)

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Nature of the Case

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Facts

The plaintiffs are asserting claims pursuant to Sections 11, 12(a)(2), and 15 of the Securities Act and Sections 10(b) and 20(a) of the Securities Exchange Act on behalf of a class of persons and entities who: (i) purchased or acquired Stericycle, Inc. (D) securities between February 7, 2013 and February 21, 2018; or (ii) purchased securities in Stericycle’s public offering of 7,700,000 depository shares on or around September 15, 2015. Defendants include the Company; certain of the Company’s current and former senior executives; the members of Stericycle’s board of directors; and the underwriters of the Offering. D is an international waste management and disposal company, that specializes in collecting and disposing of medical, pharmaceutical, and hazardous waste. Ps allege that Ds made a series of materially misleading statements and omissions regarding D’s illegal rate increases and D’s failure to integrate its hundreds of acquisitions. D also made materially misleading statements about the reasons for its growth, while knowingly or recklessly disregarding that its growth was attributable to the illegal rate increases. Eventually, D made partial disclosures that it needed to spend millions of dollars to properly integrate its acquisitions and its customers forced D to lower prices. The price of its securities fell sharply and investors incurred significant losses. The Court appointed the Public Employees’ Retirement System of Mississippi and the Arkansas Teacher Retirement System as Co-Lead Plaintiffs.