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Contact investor lawyers for a free evaluation of your potential claims for compensation today.
- Are you an investor in Stericycle Inc. (NASDAQ: SRCL)?
- Have you been an investor in Stericycle since 2016 or earlier?
- Are you concerned about the performance of Stericycle’s stock price?
- Are you concerned about Stericycle's alleged involvement in the bribery of foreign officials?
- Would you like your potential options for compensation and/or redress to be reviewed by an experienced team of investor lawyers?
Request a free case evaluation via email at arosca@rscounsel.law, leave a message through the contact form on this page, or call us at 888-998-0530.
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Posted August 24, 2022
Stericycle Investigation
Securities attorneys Alan Rosca and Paul Scarlato have been investigating allegations of securities violations, misrepresentations, corporate misconduct, and questionable business practices, all involving Stericycle, and have identified potential areas of concern.
SRCL investors interested to evaluate potential options to seek compensation and/or pursue claims related to their Stericycle holdings may contact investor rights attorneys Alan Rosca and Paul Scarlato. Attorneys Rosca and Scarlato have extensive experience in seeking compensation related to investor harm and pursuing claims arising out of corporate misconduct and are currently evaluating potential claims on behalf of investors in Stericycle. They typically work on a contingent fee basis, do not require any money down from their clients, advance case expenses, and only get paid for their fees and expenses if and when successful, pursuant to court review and approval.
Claims that are not timely pursued may expire or otherwise be lost, generally speaking. Stericycle investors interested to explore potential claims should consider taking action promptly.
Concerned SRCL stock investors investors may contact attorneys Alan Rosca or Paul Scarlato to discuss their potential options toll free at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
Stericycle Stock Recent Stock Price Performance
Stericycle Inc. is a Bannockburn, Illinois, based international waste management company that was reportedly founded in or about 1989 as a start-up in medical waste management. According to filings with the Securities and Exchange Commission (“SEC”) Stericycle offers two types of services: Regulated Waste and Compliance Services, and Secure Information Destruction Services. Same filings indicate that Stericycle serves customers in the U.S. and 16 other countries worldwide, including Brazil, Canada, Ireland, the Netherlands, Portugal, the Republic of Korea, Romania, Spain and the U.K., and that the majority of Stericycle customers are healthcare businesses, although it also works with retailers, manufacturers, financial services providers, professional services providers, governmental entities, among others, according to the latest 10-K Annual Report.
Stericycle Inc. reportedly went public in August 1996 and its common stock trades on the NASDAQ Global Select Market under the symbol “SRCL”.
According to Yahoo! Finance data, the SRCL stock value saw a relatively consistent growth in value between the day of its listing and the week of October 11, 2015, when it closed at $149.48. Over the next following months, the price per SRCL share started to decline and by the end of November 2016 it closed at $72.49. Over the nest few months the price per share SRCL started to increase again and on May 5, 2017 it closed at $87.00 but then it resumed its downward trajectory and, save some fluctuations, it declined until it closed at $35.19 on December 24, 2018.
By May 21, 2021 the SRCL stock price per share recovered to close at $79.23, but since then the price per SRCL has been declining, and as of August 23, 2022, it closed at $51.47.
Stericycle Subject to Parallel Criminal and Civil Actions by the U.S. Department of Justice and the Securities and Exchange Commission
On April 20, 2022, the U.S. Department of Justice (DOJ) and the SEC issued two separate releases announcing that Stericycle agreed to pay more than $84 million to U.S. and Brazilian Authorities for alleged “violations of the Foreign Corrupt Practices Act (FCPA) arising out of bribery schemes that took place in Argentina, Brazil, and Mexico.”
According to a press release issued by the DOJ’s Office of Public Affairs, Stericycle entered into a three-year deferred prosecution agreement (DPA) in connection with being charged with “two counts of conspiracy to violate (1) the anti-bribery provision of the Foreign Corrupt Practices Act (FCPA), and (2) the FCPA’s books and records provision.” According to the DPA, Stericycle agreed to pay $52,500,000 monetary penalty, reportedly reflecting 25% discount off the bottom of the applicable Sentencing Guidelines fine range, of which $35,000,000 payable to the United States Treasury, and up to $17,500,000 in fines payable to Brazilian authorities. In addition, Stericycle allegedly “agreed to continue to cooperate with the department in any ongoing or future criminal investigations relating to this conduct,” and to the imposition of an independent compliance monitor for a term of two years.
The unsealed Information published by the DOJ reveals that between 2011 and 2016, Stericycle allegedly made approximately $10.5 million in bribe payments to foreign government officials in Brazil, Mexico, and Argentina, in connection with providing waste management services, and as a result allegedly generated approximately $21.5 million in profit from the alleged scheme. According to the DOJ, the bribes were calculated “as a percentage of the underlying contract payments owed to Stericycle from government customers” and were tracked in spreadsheets using code names.
In a parallel release issued on the same day, the SEC indicated that Stericycle consented to paying $28.2 million to settle the SEC’s charges, according to which, prior to 2016, Stericycle allegedly failed to have “sufficient internal accounting controls” to detect or prevent the bribes, in addition to failing to implement the Foreign Corrupt Practices Act policies and procedures. “Stericycle rapidly expanded in Latin America without any meaningful oversight or compliance measures” declared Eric I. Bustillo, Director of the SEC’s Miami Regional Office. According to the SEC’s Cease-and-Desist Order dated April 20, 2022, in addition to agreeing to monetary sanctions, Stericycle allegedly agreed to engage an independent compliance monitor for at least 24 months, and report to the Commission periodically.
Potential Compensation Claims
Stericycle Shareholders May Have Potential Claims
Investor rights attorneys Alan Rosca and Paul Scarlato at Rosca Scarlato LLC are investigating potential options and are evaluating potential claims on behalf of SRCL shareholders. They have decades of combined experience representing victims of corporate or financial misconduct.
If you are a Stericycle investor who invested since 2016 and are concerned about your investment, you may contact attorneys Alan Rosca or Paul Scarlato to learn more about your rights and for an evaluation of your case, or to provide useful information. All consultations are free. The Rosca Scarlato LLC attorneys typically take cases like this on a contingency fee basis, advance all case costs, and only get paid for their fees and expenses if and when they are successful, following review and approval by the Court of any fee application.
To reach attorney Alan Rosca or his colleagues, Stericycle investors may call 888-998-0530, email arosca@rscounsel.law, or leave a message through the contact form on this webpage.
These general considerations are for informational purposes only and do not constitute legal advice. Such legal advice can only be offered once the attorneys discuss each investor’s situation, learn of the relevant facts, and can tailor any advice to that investor’s facts. Stericycle investor center is not affiliated with Stericycle Inc.
Contact info:
Rosca Scarlato LLC – 216-946-7070 / 888-998-0530.
Alan Rosca – arosca@rscounsel.law
Paul Scarlato – pscarlato@rscounsel.law
Recent Investigations
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DISCLAIMER
In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.