Lieff Cabraser Announces Class Action Litigation Against Nu Skin Enterprises
Inc. - NUS
SAN FRANCISCO -- February 13, 2014
The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class
action litigation has been brought on behalf of those who purchased or
otherwise acquired the securities of Nu Skin Enterprises Inc. (“Nu Skin” or
the “Company”) (NYSE:NUS) between October 25, 2011 and January 16, 2014,
inclusive (the “Class Period”).
If you purchased or acquired Nu Skin securities during the Class Period, you
may move the Court for appointment as lead plaintiff by no later than March
24, 2014. A lead plaintiff is a representative party who acts on behalf of
other class members in directing the litigation. Your share of any recovery in
the action will not be affected by your decision of whether to seek
appointment as lead plaintiff. You may retain Lieff Cabraser, or other
attorneys, as your counsel in the action.
Nu Skin investors who wish to learn more about the action and how to seek
appointment as lead plaintiff should click here or contact Sharon M. Lee of
Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Nu Skin Securities Class Litigation
Nu Skin is a global direct selling company based in Provo, Utah, purporting to
manufacture and distribute premium quality personal skin care products and
nutritional supplements. Nu Skin markets its products in the Americas, Europe,
and the Asia Pacific region.
The action alleges that, throughout the Class Period, defendants
misrepresented and /or failed to disclose that Nu Skin operated an illegal
pyramid selling scheme in the People’s Republic of China (“PRC”). As a result
of defendants’ misrepresentations and omissions, Nu Skin’s financial
statements were materially false and misleading at all relevant times.
On August 7, 2012, Citron Research published an analyst report claiming that
Nu Skin’s operations in the PRC were a pyramid scheme based on multi-level
marketing and that such schemes are strictly prohibited in China. On this
news, Nu Skin stock declined $6.90 per share over two trading sessions, from a
closing price of $48.86 on August 6, 2012, to close at $41.96 per share on
August 8, 2012, a drop of more than 14%.
On February 14, 2013, the Federal Trade Commission published over 200 pages of
documents pursuant to a request under the Freedom of Information Act of
consumer complaints regarding Nu Skin from the past five years. On this news,
Nu Skin’s stock price declined $0.99 per share or 2.3% from a closing price of
$42.92 per share on February 13, 2013, to close at $42.93 per share on
February 14, 2013.
On January 15, 2014, the Chinese newspaper People’s Daily reported that Nu
Skin operates an illegal pyramid scheme in the PRC and engages in unlawful
business practices in violation of PRC law. On this news, the Company’s stock
price fell $20.78 per share, or more than 15.2%, from a closing price of
$136.47 on January 14, 2014, to close at $115.23 per share on January 15,
2014. The following day, Nu Skin stock price plunged $31.23 per share, or
26.4%, to close at $84.80 per share, on extremely high trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New
York, and Nashville, is a nationally recognized law firm committed to
advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the
top plaintiffs’ law firms in the nation. In compiling the list, the National
Law Journal examined recent verdicts and settlements in addition to overall
track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the
United States to receive this honor for the last eleven consecutive years.
For more information about Lieff Cabraser and the firm’s representation of
investors, please visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Source/Contact for Media Inquiries Only:
Lieff Cabraser Heimann & Bernstein, LLP
Sharon M. Lee, 1-800-541-7358
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