Jan. 27, 2014
/PRNewswire/ -- Barrack, Rodos & Bacine – the law firm that filed the first class action lawsuit,
Freedman v. Nu Skin Enterprises, Inc., et al.
, Civil Action No.
), on behalf of purchasers of stock of Nu Skin Enterprises, Inc. (NYSE: NUS) ("Nu Skin" or the "Company") – announces that the relevant time period for the case has been extended to include purchasers of Nu Skin securities, including stock and options, from
October 25, 2011
If you wish to serve as lead plaintiff, you must move the Court no later than
, 2014. To discuss your rights regarding the appointment of lead plaintiff and for additional information about your interest in this class action, please contact plaintiff's counsel, Barrack,
Rodos & Bacine, at the following toll-free number: 877-386-3304, or via e-mail to
Jeffrey W. Golan
Julie B. Palley
complaint alleges that Nu Skin, a global direct selling company with operations in 53 markets worldwide, and its affiliated defendants issued a series of false and misleading statements concerning the Company's business practices and growth prospects, particularly with respect to its Mainland China operations, upon which the Company has become very dependent for a very significant amount of its revenue and growth. Sales in Mainland China accounted for nearly one third of the Company's total revenue in the first nine months of 2013. Further, the complaint alleges that while the Company issued public statements discussing its positive results and increased guidance, it failed to disclose what are alleged to be fraudulent sales practices and non-compliance with laws and regulations in
, or their potential impact on the Company.
, two Chinese agencies announced that they are probing the Company's marketing and business practices in
and that it is suspected that the Company is operating as an illegal pyramid scheme. These revelations had an immediate and drastic impact on the Company's stock price, causing shares of Nu Skin's stock, which had risen from less than
per share to a high of
per share from
January 13, 2014
, to tumble over 44% in the two days of trading after these announcements. The stock has continued since then to trade in the range of
SOURCE Barrack, Rodos & Bacine