Haeggquist & Eck Encourages Investors Who Suffered Losses Investing in Vitamin Shoppe, Inc. to Contact the Firm
August 17 2017 - 9:00AM
Business Wire
Haeggquist & Eck, LLP, a leading shareholder rights
litigation firm, is investigating potential securities fraud at
Vitamin Shoppe, Inc. (“Vitamin Shoppe”) (NYSE: VSI). Vitamin
Shoppe, headquartered in North Bergen, New Jersey, is a retailer
and direct marketer of nutritional products in the United States,
including vitamins, minerals, specialty supplements, herbs,
homeopathic remedies, and beauty products.
The investigation focuses on whether Vitamin Shoppe artificially
inflated the price of the Company’s stock by issuing materially
false and misleading statements regarding the Company’s purported
ongoing improvements, profitability trends, and financial results.
Specifically, Vitamin Shoppe announced on March 1, 2017 that the
Company was on track to deliver “fully diluted earnings per share
in the range of $1.95 - $2.20” during FY17. However, unbeknownst to
investors, Vitamin Shoppe had improperly delayed recognizing a $168
million impairment to the Company’s goodwill, which materially
overstated its income and assets. Meanwhile, certain top officers
and investors immediately took advantage of the inflated stock
price by engaging in insider trading.
On May 10, 2017, Vitamin Shoppe unexpectedly announced a
dramatic 45% reduction in FY17 EPS guidance, and the stock price
declined by one-third that day. Then on August 9, 2017, Vitamin
Shoppe again shocked the market by announcing it was taking a $168
million impairment charge on the goodwill being carried on its
books for its retail segment, and that as a result, Vitamin Shoppe
would report a GAAP loss of $6.73 per share in the second quarter
of 2017.
On this news, Vitamin Shoppe’s share price plunged even further,
causing harm to investors.
Vitamin Shoppe’s Shareholders Have Legal Options
If you invested in Vitamin Shoppe stock and would like to
discuss your legal rights, please call attorney Amber Eck at
619-342-8000 or e-mail her at ambere@haelaw.com. There is no cost
or obligation to you.
Haeggquist & Eck, LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual investors in
shareholder derivative lawsuits, and members of the firm have
helped shareholders recover more than $1 billion of value for
themselves and the companies in which they have invested.
This release constitutes attorney advertising. Past results do
not guarantee a similar outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20170817005343/en/
Haeggquist & Eck, LLPAmber Eck,
619-342-8000ambere@haelaw.com
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