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NBTY sued

This article was originally published in The Tan Sheet

Executive Summary

Vitamin manufacturer, CEO Scott Rudolph and CFO Harvey Kamil named in class action lawsuit brought by attorneys Paskowitz & Associates, Roy Jacobs & Associates and Charles Piven in New York district court. Filed on behalf of NBTY shareholders who purchased or acquired stock between April 22 and June 16, the suit alleges violations of the Securities Exchange Act in issuing "false and misleading" statements regarding sales results reported in April (1"The Tan Sheet" April 26, 2004, p. 21). The complaint alleges that increased sales in the second quarter were due to specialty promotions, not general marketing improvements, leading Rudolph and Kamil to unload shares and announce a sales decline for the current period (2"The Tan Sheet" June 21, 2004, In Brief)...
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