Lieff Cabraser Announces Class Action Litigation Against Nu Skin Enterprises Inc. - NUS
SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of those who purchased or otherwise acquired the securities of Nu Skin Enterprises Inc. (“Nu Skin” or the “Company”) (NYSE:NUS) between October 25, 2011 and January 16, 2014, inclusive (the “Class Period”).
If you purchased or acquired Nu Skin securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than March 24, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Nu Skin investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Nu Skin Securities Class Litigation
Nu Skin is a global direct selling company based in Provo, Utah, purporting to manufacture and distribute premium quality personal skin care products and nutritional supplements. Nu Skin markets its products in the Americas, Europe, and the Asia Pacific region.
The action alleges that, throughout the Class Period, defendants misrepresented and /or failed to disclose that Nu Skin operated an illegal pyramid selling scheme in the People’s Republic of China (“PRC”). As a result of defendants’ misrepresentations and omissions, Nu Skin’s financial statements were materially false and misleading at all relevant times.
On August 7, 2012, Citron Research published an analyst report claiming that Nu Skin’s operations in the PRC were a pyramid scheme based on multi-level marketing and that such schemes are strictly prohibited in China. On this news, Nu Skin stock declined $6.90 per share over two trading sessions, from a closing price of $48.86 on August 6, 2012, to close at $41.96 per share on August 8, 2012, a drop of more than 14%.
On February 14, 2013, the Federal Trade Commission published over 200 pages of documents pursuant to a request under the Freedom of Information Act of consumer complaints regarding Nu Skin from the past five years. On this news, Nu Skin’s stock price declined $0.99 per share or 2.3% from a closing price of $42.92 per share on February 13, 2013, to close at $42.93 per share on February 14, 2013.
On January 15, 2014, the Chinese newspaper People’s Daily reported that Nu Skin operates an illegal pyramid scheme in the PRC and engages in unlawful business practices in violation of PRC law. On this news, the Company’s stock price fell $20.78 per share, or more than 15.2%, from a closing price of $136.47 on January 14, 2014, to close at $115.23 per share on January 15, 2014. The following day, Nu Skin stock price plunged $31.23 per share, or 26.4%, to close at $84.80 per share, on extremely high trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last eleven consecutive years.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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