NEW YORK, Nov. 04, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against GNC Holdings, Inc. (“GNC” or the “Company”) (NYSE: GNC ) and certain of its officers. The class action, filed in United States District Court, District of Oregon, is on behalf of a class consisting of all persons or entities who purchased GNC securities between May 2, 2013 and October 22, 2015 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased GNC securities during the Class Period, you have until December 28, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
GNC operates as a specialty retailer of health and wellness products.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) GNC unlawfully sold thousands of units of products in Oregon that contained Picamilon, a Russian prescription medicine for neurological conditions, and BMPEA, which was first synthesized in the 1930s as a replacement for amphetamines and never studied in humans; (2) GNC unlawfully sold thousands of units of products in Oregon that contained BMPEA; and (3) as a result of the foregoing, the Company's public statements were materially false and misleading at all relevant times.
On October 22, 2015, the State of Oregon sued the company, claiming that the company's nutritional and dietary supplements are laced with unapproved drugs, including Picamilon.
On this news, GNC stock fell as much as $8.29, or 20.6%, during intraday trading on October 22, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT: CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
