RADNOR, PA --(Marketwired - December 02, 2015) - The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed in United States District Court for the Western District of Pennsylvania against GNC Holdings, Inc. (
For additional information about the shareholder lawsuit, or to request information about the action online, please visit http://www.ktmc.com/new-cases/gnc-holdings-inc .
The shareholder class action lawsuit alleges that GNC and certain of its executive officers made a series of false and misleading statements during the Class Period, and failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the defendants are alleged to have made 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; (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 Attorney General of Oregon sued GNC alleging that it sold "nutritional and dietary supplements containing the illegal ingredients picamilon and BMPEA." Among other things, the Attorney General alleged that GNC was "misrepresenting certain products as lawful dietary supplements when they are actually unapproved drugs that may not be lawfully sold in the United States as a dietary supplement."
On this news, shares of GNC's common stock declined $5.73 per share, or more than 14%, to close on October 22, 2015 at $34.50 per share.
Shareholder Update : October 29, 2015, GNC issued a press release announcing disappointing Third Quarter 2015 financial results. For the quarter, GNC reported a 29% drop in profit and a $28.3 million asset impairment charge associated with its Discount Supplements line of business. On this additional news, shares of GNC's common stock declined an additional $10.40 per share, or nearly 27%, to close on October 29, 2015 at $28.24 per share.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 - 7706 or (610) 667 - 7706, or via e-mail at info@ktmc.com .
GNC shareholders who purchased their securities during the Class Period may, no later than December 28, 2015, petition the Court to be appointed as a lead plaintiff of the class.
A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com .
CONTACT: Kessler Topaz Meltzer & Check, LLP Darren J. Check, Esq. D. Seamus Kaskela, Esq. Adrienne O. Bell, Esq. 280 King of Prussia Road Radnor, PA 19087 (888) 299 - 7706 (610) 667 - 7706 info@ktmc.com
