Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased NBTY, Inc. Common Stock Between November 9, 20
May 18 2010 - 11:52AM
Marketwired
Dyer & Berens LLP (www.DyerBerens.com) today announced that it
has filed a class action in the United States District Court for
the Eastern District of New York on behalf of purchasers of the
common stock of NBTY, Inc. (NYSE: NTY) between November 9, 2009 and
April 26, 2010 (the "Class Period"), seeking to pursue remedies
under the Securities Exchange Act of 1934.
If you wish to serve as a lead plaintiff, you must move the
court no later than July 12, 2010. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact plaintiff's counsel, Jeffrey A.
Berens, Esq., at (888) 300-3362, (303) 861-1764, or via email at
jeff@dyerberens.com. Any member of the putative class may move the
court to serve as a lead plaintiff through counsel of their choice,
or may choose to do nothing and remain an absent class member.
The complaint alleges that, throughout the Class Period,
defendants failed to disclose material adverse facts about the
company's true financial condition, business and prospects.
Specifically, the complaint alleges that defendants failed to
disclose: (i) that the company 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 company's
internal forecasts; and (iii) as a result of the foregoing,
defendants lacked a reasonable basis for their positive statements
about the company and its prospects.
On April 27, 2010, the company issued a press release announcing
its financial results for the fiscal second quarter of 2010, the
period ended March 31, 2010. The company announced that its private
label sales accounted for only 38% of wholesale sales in the fiscal
second quarter of 2010, compared to 42% of wholesale sales in the
fiscal second quarter of 2009 -- a decline of 4%. Moreover,
according to the press release, net income was "adversely affected
by the Company's increased television advertising to support its
Nature's Bounty, Osteo Bi Flex, Ester C and Pure Protein brands."
In response, shares of the company's stock fell $9.66 per share, or
21%, to close at $37.24 per share.
Plaintiff seeks to recover damages on behalf of NBTY investors.
The plaintiff is represented by Dyer & Berens LLP, which has
significant expertise in prosecuting investor class actions. For
more information about the firm, please go to
www.DyerBerens.com.
Contact: Jeffrey A. Berens Dyer & Berens LLP 303 East 17th
Avenue, Suite 300 Denver, CO 80203 Tel: (888) 300-3362 or (303)
861-1764 Email: Email Contact
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