Haeggquist & Eck, LLP a shareholder rights litigation firm, has launched an investigation into possible breaches of fiduciary duty and other violations of state law by certain members of Stericycle Inc’s (NASDAQ: SRCL) board of directors. Stericycle is a waste management and disposal company that specializes in collecting and disposing of medical, pharmaceutical and hazardous waste.
Stericycle allegedly fraudulent imposed unauthorized and unilateral price increases upon its customers in blatant violation of its contractual agreements. Stericycle’s wrongful conduct has resulted in multiple lawsuits against the company, some of which have collectively settled for tens of millions of dollars, and others which are still pending. Certain of the company’s executives and directors took advantage of Stericycle’s artificially inflated stock price to sell more than $55 million in insider sales of their own stock. When Stericycle was forced to discontinue its fraudulent practices, the company’s stock sharply dropped, resulting in billions of dollars of losses to its shareholders.
Haeggquist & Eck’s investigation focuses on whether certain members of Stericycle’s Board of Directors breached their fiduciary duties by failing to implement appropriate internal procedures and controls to prevent Stericycle’s fraudulent automatic price increase scheme, the imposition of baseless additional fees that had no relation to any costs that Stericycle was incurring, and the use of unethical sales tactics to lure customers into signing contracts with the company. A securities fraud lawsuit is currently pending against the Company and certain members of Stericycle’s board in the United States District Court for the Northern District of Illinois.
Stericycle Shareholders Have Legal Options
Concerned Stericycle shareholders who would like more information about potential remedies for the alleged misconduct, including remedies to the Company from the alleged misconduct of its executives and/or directors, may contact attorneys Amber Eck or Kathleen Herkenhoff at 619-342-8000, ambere@haelaw.com or kathleenh@haelaw.com.
Haeggquist & Eck, LLP is a nationally recognized leader in shareholder rights law. The firm represents individual investors in shareholder derivative lawsuits, and members of the firm have helped shareholders recover more than $1 billion of value for themselves and the companies in which they have invested.
This release constitutes attorney advertising. Past results do not guarantee a similar outcome.
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Contacts:
619-342-8000
Amber Eck, ambere@haelaw.com
Kathleen
Herkenhoff, kathleenh@haelaw.com
