A law office recently filed a class action claim on behalf of shareholders of a skin care product company after law violation allegations surfaced.
Ryan and Maniskas, LLP, filed the litigation in the U.S. District Court for the District of Utah against Nu Skin Enterprises, Inc. This action affected all shareholders during the class period between July 10, 2013, and Jan. 14, 2014.
Shareholders alleged that Nu Skin Enterprises' leaders made several statements that were either false or misleading related to its projected growth and practices at the time. These were mostly tied to its operations in China. Sales totals for the company in China may have been higher than what they actually were, while it also had two organizations in China begin an investigation revolving around the possibility that Nu Skin Enterprises operated as a pyramid scheme.
When these issues surfaced, the company's stock dropped 44 percent to approximately $80 per share on Jan. 17.
Any shareholder who has an interest in becoming lead plaintiff for the case needs to speak with the court by March 24, 2014. Those who want to take up this position need to file the proper paperwork by the deadline, and need to be deemed suitable to represent the class.
If a shareholder has questions about the lawsuit, or they would like to learn more about how it may affect their rights, one option is to speak with the law firm. Contacting Richard Maniskas is best, and he can be reached by telephone or email. There is also information available on the law firm's website.
Another lawsuit filed against Nu Skin
A second law firm released information related to its filing of a securities class action lawsuit against Nu Skin Enterprises due to similar allegations of fabricated statements regarding business practices.
Barrack, Rodos and Bacine noted it filed the documents in the same court for the same class period. The company works in more than 50 markets throughout the world, and including its activity in China, earned approximately $2.1 billion in 2012 through its global operations.
It is also possible to speak with this law firm in order to learn more about the situation. In order to do this, contacting the firm by telephone is best, while both Jeffrey Golan and Julie Palley can be reached by email.