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Shareholder Class Action Filed Against Nature's Sunshine Products, Inc. By Law Firm Of Schiffrin & Barroway, LLP
The following statement was
issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the
United States District Court for the District of Utah, Central Division on
behalf of all securities purchasers of Nature's Sunshine Products, Inc.
(OTC: NATR) ("Nature's Sunshine" or the "Company") from October 19, 2004
through March 24, 2006, inclusive (the "Class Period").
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 Schiffrin & Barroway, LLP (Darren J. Check, Esq. or Richard
A. Maniskas, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via
e-mail at info@sbclasslaw.com.
The Complaint charges Nature's Sunshine and certain of its officers and
directors with violations of the Securities Exchange Act of 1934. More
specifically, the Complaint alleges that Nature's Sunshine failed to
disclose and misrepresented the following material adverse facts which were
known to defendants or recklessly disregarded by them: (1) that the Company
incorrectly recorded foreign transactions in its financial statements; (2)
that as a result of this, Nature's Sunshine materially overstated the
Company's revenue and net income throughout the Class Period; (3) that the
Company's financial statements were in violation of Generally Accepted
Accounting Principles ("GAAP"); (4) that the Company lacked adequate
internal controls; and (5) that as a consequence of the foregoing, the
Company's financial results were materially overstated at all relevant
times.
On February 17, 2006, while the market was open, Nature's Sunshine
revealed that the Company would not meet its guidance for the fourth
quarter ended December 31, 2005. The Company also reported that the scope
of review of its financial statements, which stemmed from "concerns
regarding certain transactions of the Company's foreign subsidiaries," had
been expanded. Following this disclosure, shares of Nature's Sunshine
dropped $1.00 per share, or 5.6 percent, to close, on February 17, 2006, at
$17.00 per share. The stock continued to trade at artificially inflated
levels until March 20, 2006, when the Company announced in a current report
on Form 8-K, that its previous financial statements for each of the first
three fiscal quarters of 2005, 2004, 2003 and 2002, as well as for the
fiscal year ended December 31, 2004 (which includes financial statements as
of December 31, 2004 and 2003 and for the fiscal years ended December 31,
2004, 2003 and 2002) could no longer be relied upon. On this news, shares
of Nature's Sunshine plummeted $2.16 per share, or 13.1 percent, to close,
on March 20, 2006, at $14.33 per share. Finally, on March 24, 2006, after
the market closed, Nature's Sunshine announced that, on March 21, 2006, it
received notice from NASDAQ that, because the Company's Form 10-K was not
filed with the SEC on time, the Company was in danger of being delisted
from NASDAQ. On this news, shares of Nature's Sunshine dropped 72 cents, or
6.16 percent, to close, on March 27, 2006, at $10.96 per share.
Plaintiff seeks to recover damages on behalf of class members and is
represented by the law firm of Schiffrin & Barroway, which prosecutes class
actions in both state and federal courts throughout the country. Schiffrin
& Barroway 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. For more information
about Schiffrin & Barroway, or to sign up to participate in this action
online, please visit www.sbclasslaw.com
If you are a member of the class described above, you may, not later
than June 2, 2006, move the Court to serve as lead plaintiff of the class,
if you so choose. A lead plaintiff is a representative party that acts on
behalf of other class members in directing the litigation. In order to be
appointed 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. Under certain circumstances,
one or more class members may together serve as "lead plaintiff." Your
ability to share in any recovery is not, however, affected by the decision
whether or not to serve as a lead plaintiff. You may retain Schiffrin &
Barroway, or other counsel of your choice, to serve as your counsel in this
action.
Schiffrin & Barroway, LLP
Darren J. Check, Esq.
Richard A. Maniskas, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll-free) or 1-610-667-7706
Or by e-mail at info@sbclasslaw.com
www.sbclasslaw.com
www.naturessunshine.com/index.asp
Acþionar clasa de acþiune împotriva naturii Sunshine Products, Inc prin Legea firmã de Schiffrin & Barroway, LLP - Shareholder Class Action Filed Against Nature's Sunshine Products, Inc. By Law Firm Of Schiffrin & Barroway, LLP - articole medicale engleza - startsanatate