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| 2001 News and Press Releases |
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HEADLINE ARCHIVED:
Class Action Lawsuit Against Serologicals Corp. Dismissed
Drug Week. October 26, 2001 - November 2, 2001
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Excerpt: The United States District Court for the Northern District of Georgia, Atlanta Division has ordered the dismissal of the class action lawsuit alleging securities fraud against Serologicals Corp. United States District Court Judge Charles A. Pannell, Jr., granted Serologicals' motion to dismiss the lawsuit on the basis that the plaintiffs failed to plead facts sufficient to show a violation of U.S. securities laws. The court further ruled that the plaintiffs will not be permitted to amend the lawsuit. The ruling is subject to potential appeal by the plaintiffs. In its ruling, the court noted that the plaintiffs had already amended their complaint twice and that "further amendments will not generate any new factual allegations capable of averting dismissal under the Private Securities Litigation Reform Act of 1995. The plaintiffs' complete failure to identify direct or even strong circumstantial evidence of scienter suggests that no such evidence exists."
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