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News and Press Releases |
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SETTLEMENT "OR" DISMISSAL ARCHIVED:
United States District Court Dismisses Class Action Lawsuit Against Serologicals Corporation
By: Staff Writer
Business Wire. February 26, 2003
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EXCERPT: Serologicals Corporation (Nasdaq/NM: SERO) announced today that the United States District Court for the Northern District of Georgia, Atlanta Division has ordered the dismissal with prejudice of the class action lawsuit alleging securities fraud against the Company. 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. Judge Pannell, Jr. had initially dismissed the complaint in September, 2001, but allowed the plaintiffs to file an amended complaint in an attempt to allege additional facts to survive a motion to dismiss. In dismissing this second complaint with prejudice, the court further ruled that it would not permit further amendment of the lawsuit. The ruling is subject to potential appeal by the plaintiffs to the 11th Circuit Court of Appeals. "We are extremely pleased that the court has, once again, dismissed this lawsuit, which we have always believed to be totally without merit," said David Dodd, president and chief executive officer of Serologicals. "We are hopeful that this will conclude the matter so that we may continue to focus our total efforts on the many positive strategic and operational initiatives that we are implementing." Serologicals Corporation, headquartered in Atlanta, Georgia, is a global provider of biological products and enabling technologies, which are essential
for the research, development and manufacturing of biologically based life science products.
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