Izard Nobel LLP Announces Class Action Lawsuit Against NBTY, Inc.
May 13 2010 - 5:19PM
Marketwired
The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed
in the United States District Court for the Eastern District of New
York on behalf of purchasers of the common stock of NBTY, Inc.
("NBTY" or the "Company") (NYSE: NTY) between November 9, 2009 and
April 26, 2010, inclusive (the "Class Period").
The Complaint charges that NBTY and certain of its officers and
executives violated federal securities laws. Specifically, it is
alleged that defendants failed to disclose the following material
adverse facts about the Company: (i) that NBTY was experiencing a
significant disruption in its private label business and a related
decrease in demand for its private label products; (ii) that the
Company's advertising costs were escalating far in excess of the
internal forecasts; and (iii) as a result, defendants lacked a
reasonable basis for their positive statements about NBTY.
On April 27, 2010, NBTY announced its financial results for the
second quarter of 2010. The Company announced that its private
label sales accounted for only 38% of wholesale sales in the second
quarter of 2010, compared to 42% of wholesale sales in the second
quarter of 2009. Moreover, NBTY reported that net income was
adversely affected by its increased television advertising. On this
news, the Company's stock fell $9.66 per share to close at $37.24
per share.
If you are a member of the class, you may, no later than July
12, 2010, request that the Court appoint you as lead plaintiff of
the class. A lead plaintiff is a class member that acts on behalf
of other class members in directing the litigation. Although your
ability to share in any recovery is not affected by the decision
whether or not to seek appointment as a lead plaintiff, lead
plaintiffs make important decisions which could affect the overall
recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class
action or for more information about the case, and your rights,
visit: www.izardnobel.com/nbty/, or contact Izard Nobel LLP
toll-free: 800-797-5499, or by e-mail: firm@izardnobel.com. For
more information about class action cases in general, please visit
our website: www.izardnobel.com.
CONTACT: Nancy A. Kulesa or Wayne Boulton (800) 797-5499
www.izardnobel.com Email Contact
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