BOSTON, Jan. 29, 2014 /PRNewswire/ -- Block & Leviton LLP (blockesq.com), a Boston-based law firm representing investors nationwide, along with Salt Lake City attorney Charles Conrad, has filed a class action lawsuit against Nu Skin Enterprises, Inc. ("NuSkin" or the "Company") (NYSE: NUS), and certain of its officers. The case is pending in the U.S. District Court of Utah and is captioned Zapata v. Nu Skin Enterprises Inc., 2:14-cv-00062.
The lawsuit alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who purchased or acquired NuSkin securities – including common stock, bonds, call options or who sold put options – between July 10, 2013 through January 14, 2014. To join the litigation, or if you have questions regarding your rights or have information relevant to the claims, please contact Attorney Steven Harte of Block & Leviton at (617) 398-5600 or steven@blockesq.com. You can also speak with Attorney Charles Conrad at 801-533-0400 or cconrad@dkolaw.com.
The complaint asserts that NuSkin made false and misleading statements and omissions regarding the Company's internal controls, accounting, and the legality of its sales practices. These statements are alleged to have been false and misleading when made because: (i) the Company was suffering from grossly deficient internal controls and therefore was susceptible to fraud and violations of the law; (ii) Defendants failed to disclose that their Chinese sales violated Chinese law, and instead touted China as an important sales region for NuSkin's activities; and (iii) that the Company's financial statements were inaccurate in numerous material respects. The alleged fraud was discovered when the Chinese government announced it was investigating NuSkin as a Ponzi scheme and alleged other purportedly illegal practices at the Company. Once the misleading statements were revealed to the market, the Company's stock plummeted 44% in just two days of trading.
If you are a member of the Class, you may, no later than March 22, 2014, request that the court appoint you as Lead Plaintiff for the Class. You may contact the attorneys at Block & Leviton to discuss your rights in the case. You may also retain counsel of your choice and you need not take any action at this time to be a class member.
SOURCE Block & Leviton LLP
