Morgan & Morgan Announces That Class Action Lawsuits Have Been Filed Against Nu Skin Enterprises, Inc. -- NUS
NEW YORK, Jan. 24, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that class actions have been filed in the United States District Court for the District of Utah on behalf of all purchasers of the common stock of Nu Skin Enterprises, Inc. ("Nu Skin" or the "Company") (NYSE:NUS) between October 25, 2011 and January 15, 2014, inclusive (the "Class Period").
If you purchased Nu Skin during the Class Period, you may, no later than March 24, 2014 request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The Complaints charge Nu Skin and certain of the Company's executive officers and directors, with violations of federal securities laws. The Complaints allege that Nu Skin issued numerous public statements discussing its positive results and increased guidance, especially in light of new product introductions and increased sales in Greater China, it failed to disclose either its fraudulent sales practices and non-compliance with laws and regulations in China, or their potential impact on the Company.
In January 2014, two Chinese agencies announced that they were probing the Company's marketing and business practices in China and that it was suspected the Company was operating an illegal pyramid scheme. Following this news, shares of Nu Skin fell over 44% to close at $79.47 on January 17, 2014.
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