According to the law firm press release, Stericycle is an international waste management and disposal company that specializes in the collection and disposal of regulated and specialized waste. The Complaint alleges throughout the Class Period, Stericycle engaged in a systematic scheme whereby it routinely and systematically raised the rates it charged its smaller customers in violation of the contracts it had with those customers. By doing so, Stericycle artificially inflated its revenues and growth. Defendants did not disclose this practice and, as a result, Stericycle routinely misrepresented its performance and earnings.
On October 22, 2015, Stericycle disclosed disappointing growth rates and revenues during the third quarter of 2015 and lowered its guidance going forward. These disclosures caused Stericycle's stock to decline by over 19%. On April 28, 2016, Stericycle disclosed that its results for the first quarter of 2016 were below its guidance and analysts' expectations, and lowered its 2016 guidance going forward. These disclosures caused Stericycle's stock to decline by over 21.5%.
An amended complaint was filed on October 21, 2016. On October 31, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiffs filed an amended Complaint on February 1, 2017. Defendants filed a Motion to Dismiss the amended Complaint on April 3.
On October 31, 2016, the Court appointed Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on February 1, 2017. Defendants filed a Motion to Dismiss the amended Complaint on April 3. Plaintiffs filed a Motion for leave to file an amended Complaint on March 20, 2018. On March 30, Plaintiffs filed an amended Complaint and the Court issued an Order denying Defendants' Motion to Dismiss as moot. On November 27, the parties advised the Court that they are engaged in Settlement discussions.