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Case Status:    SETTLED
On or around 08/02/2007 (Ongoing date of last review)

Filing Date: December 30, 2005

On October 20, 2008, an Order and Final Judgment Of Dismissal was ordered, adjudged and Decreed by the court.

On August 8, 2008, an Order Preliminarily Approving Derivative Action Settlement was granted by the court.

On August 6, 2008, a stipulation and agreement of settlement was submitted to the court in the matter.

On March 7, 2008, a notice of appeal was submitted to the court by a member of the class objecting to the pending settlement.

According to a press release dated August 2, 2007, Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") and Arkansas Teacher Retirement System today announce that they have entered into a memorandum of understanding to settle, for a total of $28.5 million, the securities class action lawsuit against PharmaNet Development Group, Inc., (NASDAQ: PDGI) formerly known as SFBC International, Inc. (the "Company"), certain of the Company's former directors, officers and employees, and certain banks that acted as the Company's underwriters . The class action , pending in the United States District Court for the District of New Jersey, is led by Court-appointed Lead Plaintiff Arkansas Teacher Retirement System and is captioned In re SFBC International, Inc. Sec. Litigation, 06-cv-00165 (SRC). Under the settlement agreement, the class will be paid $28.5 million, of which $24.5 million will be in cash and $4 million may be either in cash or in stock, at the election of the Company. The settlement requires contributions from a number of different defendants, and specifically requires certain of the Company's former directors, officers and employees to make a personal contribution towards the settlement of the class' claims.

In a press release dated November 21, 2006, Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") announced that a consolidated class action complaint has been filed in the United States District Court for the District of New Jersey on behalf of Lead Plaintiff Arkansas Teacher Retirement System ("Arkansas Teachers") and all similarly situated purchasers of SFBC International, Inc. (k/n/a/ Pharmanet Development Group, Inc.) ("SFBC" or the "Company") formerly (NASDAQ: SFCC) now (NASDAQ: PDGI) securities during the period between August 4, 2003 and December 15, 2005 (the "Class Period"). The case is captioned In re SFBC International, Inc. Securities & Derivative Litig., Case No. 2:06-cv-00165, and is assigned to the Honorable Stanley R. Chesler.

The original complaint alleges that during the Class Period, the defendants SFBC and certain of its officers misrepresented SFBC's business conditions, prospects and financial results to public investors by touting the Company's strong revenue, earnings, and its ability to outperform competitors and obtain large contracts from drug companies, because of the large numbers of participants its facilities could handle, and its ability to quickly recruit participants for drug trials. The Company's financial success, however, was the result of business practices that were improper and reckless, and if discovered, would cause the Company to lose its credibility for accurate drug testing, and thus lose customers, expose the Company to fines and possible lawsuits from victims of faulty drugs, and face heavy regulation such that its ability to outperform competitors and quickly recruit large groups of participants could no longer be sustained.

The complaint further alleges that when the truth of defendants’ business practices was revealed to the market beginning on November 2, 2005, through the end of the Class Period on December 15, 2005, SFBC's stock price fell from $41.49 to $15.78, a staggering 61.9% drop.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SFCC
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. New Jersey
DOCKET #: 05-CV-23370
JUDGE: Hon. Paul C. Huck
DATE FILED: 12/30/2005
CLASS PERIOD START: 02/17/2004
CLASS PERIOD END: 12/15/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Ann D. White Law Offices PC
    101 Greenwood Avenue, Fifth Floor, Ann D. White Law Offices PC, PA 19046
    1.866.389.0274 215-481-0271 · awhite@awhitelaw.com
  2. Berman DeValerio Pease Tabacco Burt & Pucillo (FL)
    515 North Flagler Drive - Suite 1701, Berman DeValerio Pease Tabacco Burt & Pucillo (FL), FL 33401
    561.835.9400 ·
  3. Bernstein Litowitz Berger & Grossmann LLP (Former New York)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (Former New York), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  4. Federman & Sherwood (Oklahoma City)
    120 North Robinson, Suite 2720, Federman & Sherwood (Oklahoma City), OK 73102
    405-235-1560 · wfederman@aol.com
  5. Hanzman & Criden, P.A.
    220 Alhambra Circle, Hanzman & Criden, P.A., FL 33134
    305.357.9000 305.357.9050 · info@hanzmancriden.com
  6. Klafter & Olsen LLP (Washington)
    1250 Connecticut Ave., N.W. Suite 200, Klafter & Olsen LLP (Washington), DC 20036
    202.261.3553 202.261.3533 · info@klafterolsen.com
  7. Labaton Sucharow & Rudoff LLP
    100 Park Avenue, 12th Floor, Labaton Sucharow & Rudoff LLP, NY 10017
    212.907.0700 212.818.0477 · info@labaton.com
  8. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  9. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  10. Mager & Goldstein LLP (Coral Springs)
    2825 University Drive, Suite 350, Mager & Goldstein LLP (Coral Springs), FL 33065
    866-274-8258 954-341-0855 · jgoldstein@mwg-law.com
  11. Murray, Frank & Sailer LLP
    275 Madison Ave 34th Flr, Murray, Frank & Sailer LLP, NY 10016
    212.682.1818 212.682.1892 · email@murrayfrank.com
  12. Sarraf Gentile LLP (former NY)
    485 Seventh Avenue, Suite 1005, Sarraf Gentile LLP (former NY), NY 10018
    212.868.3610 212.918.7967 ·
  13. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  14. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  15. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  16. Vianale & Vianale LLP (former Boca Raton)
    The Plaza - Suite 801, 5355 Town Center Road., Vianale & Vianale LLP (former Boca Raton), FL 33486
    561.391.4900 561.368.9274 · info@vianalelaw.com
  17. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
  18. Zwerling Schachter & Zwerling LLP
    845 Third Avenue, Zwerling Schachter & Zwerling LLP, NY 10022
    212-223-3900 212-371-5969 · inquiry@zsz.com
No Document Title Filing Date
COURT: D. New Jersey
DOCKET #: 06-CV-00165
JUDGE: Hon. Paul C. Huck
DATE FILED: 11/01/2006
CLASS PERIOD START: 08/04/2003
CLASS PERIOD END: 12/15/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (Former New York)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (Former New York), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ)
    220 St. Paul Street, Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ), NJ 07090
    908.928.1700 908.301.9008 · blbg@blbglaw.com
  3. Lowenstein Sandler PC
    65 Livingston Avenue, Lowenstein Sandler PC, NJ 07068
    973.597.250 973.597.2400 · sthompson@lowenstein.com
No Document Title Filing Date
No Document Title Filing Date