GNC Holdings Inc (NYSE:GNC) Investor Securities Class Action Lawsuit 10/29/2015

If you purchased shares of GNC Holdings Inc (NYSE:GNC), you have certain options and for certain investors are short and strict deadlines running. Deadline: December 28, 2015. NYSE:GNC investors should contact the Shareholders Foundation, Inc.

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Company Name(s): 
GNC Holdings
Case Name: 
GNC Holdings Shareholder Class Action Lawsuit 10/29/2015
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Deadline To File for Lead: 

October 29, 2015 (Shareholders Foundation) - An investor in shares of GNC Holdings Inc (NYSE:GNC) filed a lawsuit in the U.S. District Court for the District of Oregon over alleged violations of Federal Securities Laws by GNC Holdings Inc in connection with certain allegedly false and misleading statements made between November 28, 2011 and October 28, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of GNC Holdings Inc (NYSE:GNC) common shares between November 28, 2011 and October 28, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 28, 2011 and October 28, 2015, Defendants issued materially false and misleading statements to investors and/or failed to disclose that GNC Holdings unlawfully sold thousands of units of products in Oregon that contained picamilon, that GNC Holdings unlawfully sold thousands of units of products in Oregon that contained BMPEA, and that as a result of the foregoing, GNC Holdings’ public statements were materially false and misleading at all relevant times.

GNC Holdings Inc reported that its annual Total Revenue declined from over $2.62 billion in 2013 to over $2.61 billion in 2014 and its Net Income decreased from $265.02 million in 2013 to $255.87 million in 2014.

On February 3, 2015, the New York Attorney General Eric Schneiderman announced that his office sent letters to four major retailers, GNC Holdings Inc, Target, Walmart, and Walgreens, for allegedly selling store brand herbal supplement products in New York that either could not be verified to contain the labeled substance, or which were found to contain ingredients not listed on the labels. The letters, sent Monday, call for the retailers to immediately stop the sale of certain popular products, including Echinacea, Ginseng, St. John’s Wort, and others. Shares of GNC Holdings Inc (NYSE:GNC) declined to as low as $41.43 per share on February 3, 2015.

On February 4, 2015, GNC Holdings Inc announced that it will voluntarily comply with the New York State Attorney General's letter of February 2 by temporarily removing from its stores in New York the product lots cited in the letter.

On October 22, 2015, the State of Oregon sued GNC Holdings Inc, claiming that the company's nutritional and dietary supplements are laced with unapproved drugs, including picamilon and BMPEA.
According to the complaint GNC Holdings Inc violated the Oregon Unlawful Trade Practices ACT (“UTPA”) by misrepresenting some of its products as lawful dietary supplements. The complaint alleges that certain products that were misrepresented are unapproved drugs that may not be lawfully sold in the United States as a dietary supplement. In addition, the complaint alleged that GNC Holdings Inc sold products labeled containing botanical acacia rigidula that were added with unlabeled BMPEA and that GNC Holdings Inc allegedly sold thousands of units of products containing picamilon or BMPEA that were falsely labeled as a dietary supplement.

On the sam day, GNC Holdings Inc responded to the claims made by theOregonAttorney General and issued a statement saying that the claims made by the Oregon Attorney General are without merit andGNC Holdings Inc intends to vigorously defend against these allegations.
GNC Holdings Inc also said that in response to FDAstatements regarding the regulatory status of BMPEA and picamilon, GNC Holdings Inc promptly took action to remove from sale all products containing those ingredients.

Shares of GNC Holdings Inc (NYSE:GNC) declined to as low as $31.94 per share on October 22, 2015.