Scott+Scott, Attorneys at Law, LLP Announces Federal Securities Class Action Against Vitamin Shoppe, Inc. (VSI)
Aug 29, 2017, 14:12 ET
NEW YORK, Aug. 29, 2017 /PRNewswire/ -- Scott+Scott, Attorneys at Law, LLP ("Scott+Scott"), a national shareholder and consumer rights litigation firm, announces that a securities class action has been filed against Vitamin Shoppe, Inc. ("Vitamin Shoppe" or the "Company") (NYSE: VSI) and certain of its officers and directors. If you purchased Vitamin Shoppe common stock between March 1, 2017 and August 9, 2017, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for more information.
Vitamin Shoppe is a specialty retailer and manufacturer of vitamins, minerals, herbs, specialty supplements, sports nutrition, and other health and wellness products. The Complaint alleges that Vitamin Shoppe issued materially false and misleading statements regarding purported improvements being achieved, the Company's profitability trends, and its financial results.
On May 10, 2017, Vitamin Shoppe announced financial results for first quarter 2017 and lowered its fiscal 2017 guidance by 45%. Despite this, the Company claimed that its ongoing "reinvention plan" was succeeding. On this news, the price of Vitamin Shoppe stock declined 33% to close at $12.70 per share.
Then on August 9, 2017, Vitamin Shoppe announced that it was taking a $168 million impairment charge on the goodwill being carried on its books for its retail segment and, as a result, that Vitamin Shoppe would report a loss per share of $6.73 in its second quarter of 2017. Moreover, citing "the potential increase in variability of the Company's results due to the number of initiatives being launched in the back half of the year," Vitamin Shoppe dropped its fiscal 2017 earnings per share guidance altogether. On this news, the Company's share price fell another $3.50 to close at $6.10, a decline of over 67% from the May 9th close price.
What You Can Do
If you purchased Vitamin Shoppe stock between March 1, 2017 and August 9, 2017 and you wish to discuss this lawsuit, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at [email protected]. The deadline to move for Lead Plaintiff status is October 27, 2017.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
Scott+Scott, Attorneys at Law, LLP
SOURCE Scott+Scott, Attorneys at Law, LLP
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