RADNOR, Pa., Oct. 29, 2015 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP has initiated an investigation of GNC Holdings, Inc. (NYSE: GNC) ("GNC" or "the Company") on behalf of the Company's shareholders.
On October 22, 2015, the Attorney General of Oregon sued GNC claiming that it sold "nutritional and dietary supplements containing the illegal ingredients picamilon and BMPEA." Among other things, the Attorney General alleged that GNC was "misrepresenting certain products as lawful dietary supplements when they are actually unapproved drugs that may not be lawfully sold in the United States as a dietary supplement."
On this news, shares of GNC's common stock declined $5.73 per share, more than 14%, to close on October 22, 2015 at $34.50 per share.
Then on October 29, 2015, GNC reported third quarter 2015 financial and operational results that fell far short of Wall Street analyst expectations. Additionally, GNC reduced its outlook from a consolidated earnings per share ("EPS") outlook of $3.00 - $3.10 per share to $2.85 - $2.90 per share for fiscal 2015.
On this additional news, shares of GNC's common stock declined over $10.00 per share, or over 26%, in intraday trading on October 29, 2015.
GNC shareholders who wish to discuss this investigation and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or at [email protected]. For additional information about this investigation, or to request information about this action online, please visit http://www.ktmc.com/gnc-holdings-inc.
Kessler Topaz Meltzer & Check prosecutes class actions in 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.
Kessler Topaz Meltzer & Check, LLP
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299 - 7706
(610) 667 - 7706
SOURCE Kessler Topaz Meltzer & Check, LLP