Pall Corporation Under Investor Investigation Over Possible Violations Of Securities Laws
San Diego, Sept. 09, 2011 (Shareholders Foundation) -- An investigation on behalf of investors in shares of Pall Corporation (NYSE:PLL) over possible Violations of Federal Securities Laws was announced.
The investigation by a law firm focuses on possible Pall Corporation shareholder claims based on potential violations of the federal securities laws. Specifically the investigation concerns certain statements regarding Pall Corp’s business, its prospects and its operations were materially false and misleading at the time they were made.
Shares of Pall Corp. (NYSE:PLL) rose from as low as $19.37 on March 09 to $58.73 per share on April 08, 2011, respectively $57.79 on July 1, 2011.
Then on September 07, 2011, Pall Corporation (NYSE:PLL) reported its preliminary financial results for the fourth quarter and fiscal year ended July 31, 2011.
Among other things, Pall Corp said that its fourth quarter sales were $780.4 million, a 15.0% gain over last year and its sales for the full year were $2.74 billion, a 14.1% increase over fiscal year 2010.
However, Pall Corporation reported diluted earnings per share of $2.67 per share for fiscal year 2011, compared to its prior guidance of between $2.80 to $2.90 per share. Commenting on the quarter, Pall Corp’s CEO and President Eric Krasnoff stated as follows in Pall’s September 7, 2011 announcement: “Against a backdrop of global macroeconomic challenges, sales in both businesses met our expectations. Life Sciences’ overall performance was solid while profitability in Pall Industrial fell short of what we anticipated. The end result is that the fourth quarter is a disappointing finish to an otherwise good year.”
Additionally, the CEO said that “operational performance was also a headwind to margin in the quarter” and “[w]e understand the challenges encountered during the quarter and are taking steps to address them.”
Following the announcement shares of Pall Corp. (NYSE:PLL) fell to as low as $43.42 on September 8 and $441.96 on September 9, 2011.