IMPORTANT VITAMIN SHOPPE, INC. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of investors who
Friday, September 01, 2017 4:00:16 PM ET
Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of New Jersey against Vitamin Shoppe, Inc. ("Vitamin Shoppe" or the "Company") (VSI ) on behalf of investors who suffered losses on shares purchased between March 1, 2017 and August 8, 2017, inclusive (the "Class Period").
Investors who have incurred losses in Vitamin Shoppe, Inc. are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have purchased the shares of Vitamin Shoppe, Inc. and would like to assist with the litigation process as a lead plaintiff, you may, no later than October 27, 2017, request that the Court appoint you lead plaintiff of the proposed class.
The filed complaint charges Vitamin Shoppe and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Vitamin Shoppe, through its subsidiaries, operates as a specialty retailer and direct marketer of nutritional products in the United States.
During the Class Period, defendants failed to disclose material adverse facts about the Companys true financial condition, business and prospects. Specifically the complaint alleges that defendants failed to disclose that the Companys retail segment was continuing to dramatically decline, as its ongoing "reinvention plan" was not meeting with success; ongoing changes to the Companys operating plan brought about through the "reinvention plan" had already rendered the more than $168 million in goodwill being carried on Vitamin Shoppes books for the retail segment impaired and therefore, Vitamin Shoppe was improperly delaying recognizing that impairment charge.
On May 10, 2017, Vitamin Shoppe released first quarter 2017 financial results that were lower than the market had been led to expect and slashed its fiscal 2017 guidance by 45%, yet claimed the "reinvention plan" was still succeeding.
On this news, the price of Vitamin Shoppe stock declined by 33%, to close at $12.70 per share.
Subsequently on August 9, 2017, Vitamin Shoppe announced that it was taking a $168.1 million impairment charge on the goodwill being carried on its books associated with its retail segment, and that, as a result, Vitamin Shoppe would report a loss per share of $6.73. In addition, citing "the potential increase in variability of the Companys results due to the number of initiatives being launched in the back half of the year," Vitamin Shoppe withdrew its fiscal 2017 earnings per share.
On that day, Vitamin Shoppes common stock plunged again, falling $3.50 per share to close at $6.10 per share.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com.
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Email: email@example.com, firstname.lastname@example.org or email@example.com
Tel: (800) 575-0735 or (212) 545-4774
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