BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased GNC Holdings Inc. (“GNC” or the “Company”) (NYSE: GNC) securities between May 2, 2013 and October 22, 2015, inclusive (the “Class Period”). GNC investors have until December 28, 2015 to file a lead plaintiff motion. Investors who suffered losses on their investment in GNC securities are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action.
On October 22, 2015, news reports announced that Oregon's attorney general charged GNC with knowingly selling products spiked with two synthetic drugs. The suit accuses GNC of selling thousands of units of 22 workout and fat-burner supplement products that contained picamilon, a drug used to treat neurological conditions. The suit also alleges that GNC sold other workout and weight-loss supplements that contained a synthetic amphetamine-like chemical known as Beta-methylphenethylamine. On this news, shares of GNC fell $5.73, or more than 14%, to close at $34.50 on October 22, 2015, thereby damaging investors.
The class action complaint filed on behalf of shareholders alleges that throughout the Class Period, Defendants 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.
If you purchased shares of GNC during the Class Period you may move the Court no later than December 28, 2015 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
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