GNC Holdings Inc (NYSE:GNC) Investor Investigation Concerning Potential Securities Laws Violations Announced

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Company Name(s): 
GNC Holdings
Affected Securities: 

February 09, 2015 (Shareholders Foundation) - An investigation on behalf of investors of GNC Holdings Inc (NYSE:GNC) shares over potential securities laws violations by GNC Holdings Inc and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of GNC Holdings Inc (NYSE:GNC) concerning whether a series of statements by GNC Holdings Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

GNC Holdings Inc reported that its annual Total Revenue rose from over $1.82 billion in 2010 to over $2.63 billion in 2013 and that its respective Net Income increased from $96.57 million to $265.02 million. Shares of GNC Holdings Inc (NYSE:GNC) grew from $32.38 per share in August 2014 to as high as $46.96 per share in late December 2014, respectively $46.23 per share on January 23, 2015.

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.