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NBTY

This article was originally published in The Tan Sheet

Executive Summary

Vitamin/supplement maker and several execs named defendants in a shareholder class action suit filed July 28 in Uniondale, N.Y. federal court on behalf of purchasers of NBTY stock between Jan. 27 and June 15. The lawsuit alleges the defendants, during the period in question, failed to disclose several adverse factors, including declining Vitamin World same-store sales due to a negative industry-wide trend and a negative impact on financial results from U.K. operations caused by fluctuation in the British pound sterling. The lawsuit alleges NBTY's stock dropped 36% following a June 15 company announcement regarding same-store sales and foreign currency weaknesses (1"The Tan Sheet" July 17, p. 10)

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NBTY shareholder lawsuit

Central Islip, N.Y. federal Judge Arthur Spatt dismisses consolidated shareholder class action against dietary supplement firm due to failure to adequately plead fraud. In Sept. 28 opinion, court says plaintiffs' allegations that NBTY failed to disclose several known adverse trends affecting company's financial health, including dramatic weakening in its retail sector, are "conclusory and insufficiently supported by the facts." Plaintiffs have 30 days to amend the complaint. Action was filed on behalf of purchasers of NBTY common stock between Jan. 27, 2000 and June 15, 2000, and alleged the company, certain officers and directors failed to disclose material facts that resulted in a drop in firm's stock price (1"The Tan Sheet" Aug. 14, 2000, p. 2)...

NBTY shareholder lawsuit

Central Islip, N.Y. federal Judge Arthur Spatt dismisses consolidated shareholder class action against dietary supplement firm due to failure to adequately plead fraud. In Sept. 28 opinion, court says plaintiffs' allegations that NBTY failed to disclose several known adverse trends affecting company's financial health, including dramatic weakening in its retail sector, are "conclusory and insufficiently supported by the facts." Plaintiffs have 30 days to amend the complaint. Action was filed on behalf of purchasers of NBTY common stock between Jan. 27, 2000 and June 15, 2000, and alleged the company, certain officers and directors failed to disclose material facts that resulted in a drop in firm's stock price (1"The Tan Sheet" Aug. 14, 2000, p. 2)...

NBTY shareholder lawsuit

Central Islip, N.Y. federal Judge Arthur Spatt dismisses consolidated shareholder class action against dietary supplement firm due to failure to adequately plead fraud. In Sept. 28 opinion, court says plaintiffs' allegations that NBTY failed to disclose several known adverse trends affecting company's financial health, including dramatic weakening in its retail sector, are "conclusory and insufficiently supported by the facts." Plaintiffs have 30 days to amend the complaint. Action was filed on behalf of purchasers of NBTY common stock between Jan. 27, 2000 and June 15, 2000, and alleged the company, certain officers and directors failed to disclose material facts that resulted in a drop in firm's stock price (1"The Tan Sheet" Aug. 14, 2000, p. 2)...

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