Natures Sunshine Products (NASDAQ:NATRE)
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From Jun 2019 to Jun 2024
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.