ATRS seeks class-action status in lawsuit.The Arkansas Teacher Retirement System is seeking lead plaintiff status in a class-action lawsuit it is pursing against SFBC SFBC Science Fiction Book Club SFBC Swiss Federal Banking Commission (Switzerland) SFBC South Florida Bible College SFBC San Francisco Bicycle Coalition SFBC South Florida Building Code SFBC South Florida Bioavailability Clinic International Inc. of Prince-ton, N.J., the troubled drug testing company accused of violating regulatory procedures in administering clinical trials. In a statement, the retirement system's law firm, Bernstein Litowitz Berger & Grossmann of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , said ATRS ATRS Arkansas Teacher Retirement System ATRS Automated Transport and Retrieval System ATRS Aerial Targets Squadron ATRS Automated Trouble Reporting System ATRS Arkansas Therapeutic Recreation Society ATRS Automatic Turbine Run-up System was pursuing the lawsuit on several claims under the Securities Exchange Act of 1934. It said revelations raised by Bloomberg News beginning in November about SFBC's alleged conflicts of interest and irregular testing procedures cast doubt on the accuracy of the company's prior favorable statements about its business operations and legal and ethical compliance. And it said those doubts "caused massive losses" for SFBC shareholders. SFBC's chairman and president, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and treasurer, and vice president for legal affairs have all resigned in response to allegations of wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do . SFBC, which provides clinical drug development services
to pharmaceutical, biotechnology, generic drug and medical device
companies, is accused of making misleading statements, rigging drug
tests for favorable outcomes and threatening drug-test participants with
deportation, ATRS attorneys said.
ATRS is a public pension fund system for employees of Arkansas public schools and certain Arkansas state agencies, colleges and universities. It has more than $9 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . |
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