UPDATE: Schiffrin & Barroway, LLP Announces That the Class Period for the Shareholder Class Action Filed Against NBTY, Inc. Has
27 Luglio 2004 - 1:23AM
PR Newswire (US)
UPDATE: Schiffrin & Barroway, LLP Announces That the Class
Period for the Shareholder Class Action Filed Against NBTY, Inc.
Has Been Expanded BALA CYNWYD, Pa., July 26 /PRNewswire/ -- The law
firm of Schiffrin & Barroway, LLP announces that the Class
Period for the class action lawsuit filed in the United States
District Court for the Eastern District of New York on behalf of
all purchasers of the common stock of NBTY, Inc. (NYSE:NTY) ("NBTY"
or the "Company") has been expanded. The new Class Period is April
22, 2004 through July 22, 2004 inclusive (the "Class Period"). 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 Schiffrin & Barroway, LLP (Marc A.
Topaz, Esq. or Darren J. Check, Esq.) toll-free at 1-888-299-7706
or 1-610-667-7706, or via e-mail at . The complaint charges that
NBTY, Scott Rudolf, and Harvey Kamil violated the Securities
Exchange Act of 1934. More specifically, the Complaint alleges that
the Company failed to disclose and misrepresented the following
material adverse facts which were known to defendants or recklessly
disregarded by them: (1) that the Company's increased financial
results over the prior year was attributable to a shift in the
timing of a promotional mailing and was not attributable to any
long-term improvement at the Company; (2) that a significant number
of customers had shifted to purchasing supplements in the mass
channel area such as drug chains and deep discounters, thereby
negatively impacting the Company's retail sales at its Vitamin
World chain; and (3) that as a result of the foregoing, defendants'
positive statements concerning the Company's prospects were lacking
in a reasonable basis at all relevant times. On June 17, 2004, the
Company announced that its Direct Response and Vitamin World
operations had experienced lower sales for the two-month period
ending May 31, 2004. Specifically, for the two-month period, sales
from Puritan's Pride direct response decreased 12% from the
comparable period in the prior year to $38 million and sales from
Vitamin World retail stores decreased 1% from the comparable period
in the prior year to $36 million. When this information was
belatedly disclosed to the market on June 17, 2004, shares of NBTY
common stock fell $9.51 per share, or 26%, to close at $26.99 per
share, on extremely high trading volume. On July 22, 2004, NBTY
reported weaker-than-expected third-quarter financial results. The
nutritional supplements company posted third-quarter earnings of 37
cents a share on sales of $400 million. Analysts polled by Thomson
First Call had expected it to earn 48 cents a share on sales of
$416.4 million. Weakness in the company's Vitamin World unit
contributed to the third-quarter shortfall. A year ago, NBTY earned
pro forma earnings of 37 cents a share on sales of $308 million.
Shares of NBTY traded down $4.82, or 19.7%, to $19.68. Plaintiff
seeks to recover damages on behalf of class members and is
represented by the law firm of Schiffrin & Barroway, which
prosecutes class actions in both state and federal courts
throughout the country. Schiffrin & Barroway is a driving force
behind corporate governance reform, and has recovered in excess of
a billion dollars on behalf of institutional and high net worth
individual investors. For more information about Schiffrin &
Barroway, or to sign up to participate in this action online,
please visit http://www.sbclasslaw.com/. If you are a member of the
class described above, you may, not later than August 23, 2004,
move the Court to serve as lead plaintiff of the class, if you so
choose. A lead plaintiff is a representative party that acts on
behalf of other class members in directing the litigation. In order
to be appointed 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. Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. You may retain Schiffrin &
Barroway, or other counsel of your choice, to serve as your counsel
in this action. CONTACT: Schiffrin & Barroway, LLP Marc A.
Topaz, Esq. Darren J. Check, Esq. Three Bala Plaza East, Suite 400,
Bala Cynwyd, PA 19004 1-888-299-7706 (toll-free) or 1-610-667-7706
Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT:
Marc A. Topaz, Esq. or Darren J. Check, Esq., both of Schiffrin
& Barroway, +1-888-299-7706 or +1-610-667-7706, Web site:
http://www.sbclasslaw.com/
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