HACKENSACK, N.J., April 16, 2020 /PRNewswire/ -- John Tang, Esq., a long-term investor with significant holding of GNC Holdings, Inc. (NYSE: GNC) class A common stock and a group of individual GNC shareholders across the world announce the establishment of GNC Shareholder Advocacy Group ("SAG") to protect and promote the shareholder's interest.
GNC, a leading global brand of health and nutritional products, is in need of improvements in terms of corporate governance, management and communications with the investor community in the wake of the severe deterioration in stock price and the clear mishandling and miscommunications with regard to the debt refinancing since late last year.
With the firm belief in GNC's value as a company, SAG seeks to work with GNC Board of Directors and management to better align the business strategies with the shareholder's interest.
SAG's short-term goal is to urge the Board and management take any necessary actions to resolve the short-term liquidity issues to avoid the bankruptcy filing, for which a letter has been dispatched to the Board and management on April 14, 2020.
Thereafter, SAG would like to engage the Board and management in an open and candid fashion about the long-term prospect of the company, including:
- Restructuring of corporate indebtedness
- Disposing of non-core assets
- Sale of the Company
- Corporate governance in alignment with shareholder interest
- Executive and director compensation
- Stock price enhancement
- New business strategy and initiatives
- Permanent cost control and reduction
- Improvement of investor relationship and communication.
SAG will keep all activities transparent and in compliance with applicable laws and regulations.
Tang PC (www.gettang.com) is a law firm committed to provide premium legal services to clients across the world. GNC SAG is a shareholder advocacy group organized by John Tang, Esq.
SOURCE Tang PC