WILMINGTON, Del., March 9, 2015 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today an update to the pending securities fraud class action lawsuit filed against Nu Skin Enterprises, Inc. (NYSE:NUS) ("Nu Skin" or the "Company") Case No. 2:14-cv-00033-DB.
From January 21, 2014 through March 24, 2014, seven lawsuits were filed against Nu Skin in the United States District Court for the District of Utah alleging violations of federal securities laws. In summary, the complaints allege that, between July 10, 2013 and January 14, 2014, Nu Skin made materially false and misleading statements regarding the Company's business, operational and compliance policies. More specifically, the complaints charge Nu Skin and certain of its executive officers with violations of the Securities Exchange Act of 1934, and allege that the defendants made false and misleading statements and failed to disclose or indicate that: (i) the Company's operations in China were based on pyramid selling schemes in violation of People's Republic of China ("PRC") law; (ii) the Company's revenues would be significantly impacted when such practices came to light; (iii) the Company lacked adequate internal and financial controls; and (iv) as a result, the Company's financial statements were materially false and misleading at all relevant times.
On May 1, 2014, the Court consolidated all seven cases. On June 30, 2014 a consolidated complaint was filed and defendants filed a motion to dismiss the consolidated complaint on August 29, 2014.
On February 18, 2015, the Court denied Nu Skin's motion to dismiss. The litigation is now proceeding to the discovery phase.
If you currently own shares of Nu Skin and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/NUS or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice constitutes Attorney Advertising.
CONTACT: Craig J. Springer, Esq.
cspringer@andrewsspringer.com
Toll Free: 1-800-423-6013
