New York-based litigators Coughlin Stoia Geller Rudman & Robbins LLP have filed a class action lawsuit alleging that Milford-based Waters Corp. misled stockholders about the company’s financial performance.
Coughlin Stoia said it must recruit a lead plaintiff for the case within 60 days.
The suit alleges that Waters, which makes scientific testing equipment, failed to tell stockholders in its 2007 earnings guidance that the company’s sales in Japan were slowing significantly and that the company’s earnings were being dented by increased tax rates.
Coughlin Stoia alleges that after a conference call last January in which Waters did disclose the Japanese sales dip and stateside tax increases, the company’s stock lost 20 percent of its value.
The suit is seeking unspecified damages.
Coughlin Stoia specializes in litigating investor fraud class action and financial fraud suits. In August, the firm hit Framingham-based construction giant Perini Corp. with a similar suit.
