Robbins Geller Rudman & Dowd LLP Files Class Action Suit against NBTY, Inc.
11 Maggio 2010 - 11:34PM
Business Wire
Robbins Geller Rudman & Dowd LLP
(“Robbins Geller”) (http://www.rgrdlaw.com/cases/nbtyinc/) today
announced that a class action has been commenced in the United
States District Court for the Eastern District of New York on
behalf of purchasers of the common stock of NBTY, Inc. (“NBTY” or
the “Company”) (NYSE:NTY) between November 9, 2009 and April 26,
2010 (the “Class Period”), seeking to pursue remedies under the
Securities Exchange Act of 1934 (the “Exchange Act”).
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact plaintiff’s counsel, Samuel H. Rudman
or David A. Rosenfeld of Robbins Geller at 800/449-4900 or
631/367-7100, or via e-mail at djr@rgrdlaw.com. If you are a member
of this Class, you can view a copy of the complaint as filed or
join this class action online at
http://www.rgrdlaw.com/cases/nbtyinc/. Any member of the putative
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.
The complaint charges NBTY and certain of its officers and
executives with violations of the Exchange Act. NBTY manufactures,
markets, and retails nutritional supplements in the United States
and worldwide.
The complaint alleges that, throughout the Class Period,
defendants failed to disclose material adverse facts about the
Company’s true financial condition, business and prospects.
Specifically, the complaint alleges that defendants failed to
disclose: (i) that the Company was experiencing a significant
disruption in its private label business and a related decrease in
demand for its private label products; (ii) that the Company’s
advertising costs were escalating far in excess of the Company’s
internal forecasts; and (iii) as a result of the foregoing,
defendants lacked a reasonable basis for their positive statements
about the Company and its prospects.
On April 27, 2010, the Company issued a press release announcing
its financial results for the fiscal second quarter of 2010, the
period ended March 31, 2010. The Company announced that its private
label sales accounted for only 38% of wholesale sales in the fiscal
second quarter of 2010, compared to 42% of wholesale sales in the
fiscal second quarter of 2009 – a decline of 4%. Moreover,
according to the press release, net income was “adversely affected
by the Company's increased television advertising to support its
Nature's Bounty, Osteo Bi Flex, Ester C and Pure Protein
brands.”
In response to the unexpected rise in advertising costs and a
slowdown of sales in its private label business, shares of the
Company’s stock fell $9.66 per share, or 21%, to close at $37.24
per share, on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers
of the common stock of NBTY during the Class Period (the “Class”).
The plaintiff is represented by Robbins Geller, which has expertise
in prosecuting investor class actions and extensive experience in
actions involving financial fraud.
Robbins Geller, a 180-lawyer firm with offices in San Diego, San
Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and
Atlanta, is active in major litigations pending in federal and
state courts throughout the United States and has taken a leading
role in many important actions on behalf of defrauded investors,
consumers, and companies, as well as victims of human rights
violations. The Robbins Geller Web site (http://www.rgrdlaw.com)
has more information about the firm.
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