Lerach Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit Against Nature's Sunshine Products, Inc.
04 April 2006 - 9:00AM
Business Wire
Lerach Coughlin Stoia Geller Rudman & Robbins LLP ("Lerach
Coughlin") (http://www.lerachlaw.com/cases/naturessunshine/) today
announced that a class action has been commenced in the United
States District Court for the District of Utah on behalf of
purchasers of Nature's Sunshine Products, Inc. ("NSPI")
(NASDAQ:NATRE) common stock during the period between October 19,
2004 and March 24, 2006 (the "Class Period"). 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, William Lerach or Darren
Robbins of Lerach Coughlin at 800-449-4900 or 619-231-1058, or via
e-mail at wsl@lerachlaw.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.lerachlaw.com/cases/naturessunshine/. 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. The complaint charges
NSPI and certain of its officers and directors with violations of
the Securities Exchange Act of 1934. NSPI engages in the
manufacture and marketing of nutritional and personal care
products. The complaint alleges that during the Class Period,
defendants issued materially false and misleading statements
regarding the Company's business and financial results. As a result
of defendants' false statements, NSPI's stock traded at
artificially inflated prices during the Class period, reaching a
high of $23.24 per share, allowing its top officers to reap
hundreds of thousands of dollars in ill-gotten bonuses and certain
of the defendants to sell over $2.9 million worth of their NSPI
stock at artificially inflated prices. On February 17, 2006, the
Company issued a press release in which it stated that it had
expanded its previously announced review of selected financial
information with respect to certain of its foreign operations and
that it had received notice from Nasdaq that its common stock was
subject to delisting. On March 20, 2006, the Company filed an 8-K
with the SEC announcing that its previous financial statements
could no longer be relied upon and that it had expanded its
investigation to include other matters related to the Company's
financial statements. Then on March 24, 2006, the Company announced
that it had received a non-compliance notice from the Nasdaq due to
its failure to file its Form 10-K in a timely manner. On this news
the Company's stock fell to $11.68 per share. According to the
complaint, the true facts, which were known by the defendants but
concealed from the investing public during the Class Period, were
as follows: (a) the Company lacked requisite internal controls,
and, as a result, the Company's projections and reported results
issued during the Class Period were based upon defective
assumptions and/or manipulated facts; and (b) the Company's
financial statements were materially misstated due to its failure
to properly account for foreign transactions. Plaintiff seeks to
recover damages on behalf of all purchasers of NSPI common stock
during the Class Period (the "Class"). The plaintiff is represented
by Lerach Coughlin, which has expertise in prosecuting investor
class actions and extensive experience in actions involving
financial fraud. Lerach Coughlin, a 160-lawyer firm with offices in
San Diego, San Francisco, Los Angeles, New York, Boca Raton,
Washington, D.C., Houston, Philadelphia and Seattle, 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. Lerach Coughlin
lawyers have been responsible for more than $20 billion in
aggregate recoveries. The Lerach Coughlin Web site
(http://www.lerachlaw.com) has more information about the firm.
Natures Sunshine Products (NASDAQ:NATRE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Natures Sunshine Products (NASDAQ:NATRE)
Historical Stock Chart
From Sep 2023 to Sep 2024
Real-Time news about Natures Sunshine Products (MM) (NASDAQ): 0 recent articles
More Lerach Coughlin Stoia Geller Rudman & Robbins LLP News Articles