NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all persons or entities who purchased or otherwise acquired Vitamin Shoppe, Inc. (NYSE:VSI) securities between March 1, 2017 and August 8, 2017 (the “Class Period”). Investors have until October 27, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that Defendants had improperly delayed recognizing a $168 million impairment charge to the carrying value of the Company’s retail sector, related to goodwill. As a consequence, Vitamin Shoppe’s income and assets were materially overstated during the first and second fiscal quarters of 2017, and its financial results were not presented in conformity with Generally Accepted Accounting Principles (“GAAP”). With the price of Vitamin Shoppe common stock artificially-inflated on these misstatements, certain of the Company’s top officers and directors cashed in immediately between March 2nd and March 7th selling $2.4 million in shares.
On May 10, 2017, Vitamin Shoppe announced financial results for the Company’s first quarter 2017 and lowered FY17 guidance by more than 45%. Following this news, the price of Vitamin Shoppe shares fell $6.30 per share, or 33%, to close at $12.70 per share. On August 9, 2017, Vitamin Shoppe again shocked the market and announced that it was taking a $168 million impairment charge on the goodwill being carried on its books for its retail segment. Following this news, VSI stock fell $3.50 per share, or over 36%, to close at $6.10 per share.
If you purchased or otherwise acquired Vitamin Shoppe securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Vitamin Shoppe lawsuit, please go to http://www.bespc.com/VitaminShoppe. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.