Welcome!

News Feed Item

Kessler Topaz Meltzer & Check, LLP Announces Shareholder Class Action Filed Against Nu Skin Enterprises, Inc. and Reminds Shareholders of March 24, 2014 Lead Plaintiff Deadline

RADNOR, Pa., March 11, 2014 /PRNewswire/ -- The following statement was issued today by the law firm of Kessler Topaz Meltzer & Check, LLP:

Kessler Topaz Meltzer & Check, LLP has filed a class action lawsuit in the United States District Court for the District of Utah on behalf of purchasers of the securities of Nu Skin Enterprises, Inc. (NYSE: NUS) ("Nu Skin" or the "Company") between July 10, 2013 and January 14, 2014, inclusive (the "Class Period"). 

Kessler Topaz reminds Nu Skin shareholders that they may, no later than March 24, 2014, move the Court for appointment as a lead plaintiff of the Class. If you are a member of this class, you may view a copy of the Complaint or request information about this class action online at http://www.ktmc.com/cases_details.php?id=179.

Nu Skin is a global direct-sales company which distributes anti-aging personal skin care products and nutritional supplements under the Nu Skin and Pharmanex brands in 53 international markets, including Greater China, North Asia, the Americas, Europe, the Asia Pacific region, the Middle East, and Africa.  Nu Skin reported global revenue of $2.2 billion for fiscal 2012.  Sales in Mainland China accounted for a significant portion of the Company's total revenue prior to, and during, the Class Period. 

The Complaint alleges that, throughout the Class Period, Nu Skin made materially false and misleading statements regarding the Company's business, operational and compliance policies.  More specifically, the Complaint charges Nu Skin and certain of its executive officers with violations of the Securities Exchange Act of 1934, and alleges that the defendants made false and misleading statements and failed to disclose or indicate that: (i)  the Company's operations in China were based on pyramid selling schemes in violation of People's Republic of China ("PRC") law; (ii) the Company's revenues would be significantly impacted when such practices came to light; (iii) the Company lacked adequate internal and financial controls; and (iv) as a result, the Company's financial statements were materially false and misleading at all relevant times.

On January 15, 2014, a leading Chinese newspaper, People's Daily, reported that Nu Skin operates an illegal pyramid scheme in China, that it employs unlawful and immoral business practices in violation of PRC law, and that it sells more products than the Chinese government allows.  On this news, shares of the Company's stock fell $21.24 per share, or over 15.5 percent, to close on January 15, 2014 at $115.23 per share.

On January 16, 2014, China's State Administration for Industry and Commerce reported that it would investigate Nu Skin after the People's Daily report.  Nu Skin also independently confirmed that the Company's business practices were under investigation by Chinese authorities, and disclosed that it had initiated a review of the relevant business segments and that "there will likely be a negative impact on China revenue" as it worked through the "evolving situation."  On this news, shares of the Company's stock fell an additional $30.43 per share, or over 26.4 percent, to close on January 16, 2014 at $84.80 per share. 

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) toll free at (888) 299-7706 or (610) 667-7706, or via e-mail at [email protected].  For additional information about this lawsuit, or to request information about this class action online, please visit http://www.ktmc.com/cases_details.php?id=179.

Members of the class may, no later than March 24, 2014, move the Court to serve as a lead plaintiff of the class.  A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not, however, affected by the decision of whether or not to serve as a lead plaintiff.  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. 

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Kessler Topaz Meltzer & Check, which prosecutes class actions in both state and federal courts throughout the country.  Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.  The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars).  For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.

CONTACT: 
Kessler Topaz Meltzer & Check, LLP 
Darren J. Check, Esq. 
D. Seamus Kaskela, Esq. 
Adrienne O. Bell, Esq.
280 King of Prussia Road 
Radnor, PA 19087 
(888) 299-7706 (toll free) or (610) 667-7706 
[email protected]

 

 

SOURCE Kessler Topaz Meltzer & Check, LLP

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"Codigm is based on the cloud and we are here to explore marketing opportunities in America. Our mission is to make an ecosystem of the SW environment that anyone can understand, learn, teach, and develop the SW on the cloud," explained Sung Tae Ryu, CEO of Codigm, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, discussed how by using ne...
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We're developing a software that is based on the cloud environment and we are providing those services to corporations and the general public," explained Seungmin Kim, CEO/CTO of SM Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.