An investigation for investors who hold NYSE:GNC shares was announced over potential breaches of fiduciary duties by certain officers and directors at GNC Holdings Inc.
Investors who purchased shares of GNC Holdings Inc (NYSE:GNC) and currently hold any of those NYSE:GNC shares have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain GNC Holdings directors breached their fiduciary duties and caused damage to the company and its shareholders.
On October 22, 2015, the State of Oregon sued GNC Holdings Inc, claiming that the company’s nutritional and dietary supplements are laced with unapproved drugs, including picamilon and BMPEA.
According to the complaint GNC Holdings Inc violated the Oregon Unlawful Trade Practices ACT (“UTPA”) by misrepresenting some of its products as lawful dietary supplements. The complaint alleges that certain products that were misrepresented are unapproved drugs that may not be lawfully sold in the United States as a dietary supplement. In addition, the complaint alleged that GNC Holdings Inc sold products labeled containing botanical acacia rigidula that were added with unlabeled BMPEA and that GNC Holdings Inc allegedly sold thousands of units of products containing picamilon or BMPEA that were falsely labeled as a dietary supplement.
On the same day, GNC Holdings Inc responded to the claims made by theOregonAttorney General and issued a statement saying that the claims made by the Oregon Attorney General are without merit andGNC Holdings Inc intends to vigorously defend against these allegations.
GNC Holdings Inc also said that in response to FDAstatements regarding the regulatory status of BMPEA and picamilon, GNC Holdings Inc promptly took action to remove from sale all products containing those ingredients.
On October 29, 2015 a lawsuit was filed against GNC Holdings Inc over alleged securities laws violations. The plaintiff claims that the defendants issued materially false and misleading statements to investors and/or failed to disclose that GNC Holdings unlawfully sold thousands of units of products in Oregon that contained picamilon, that GNC Holdings unlawfully sold thousands of units of products in Oregon that contained BMPEA, and that as a result of the foregoing, GNC Holdings’ public statements were materially false and misleading at all relevant times.
Those who purchased NYSE:GNC shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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