October 22, 2015
Bernstein Liebhard LLP is investigating whether GNC Holdings Inc. (“GNC” or “the Company”) (NYSE: GNC) issued materially false and misleading statements to investors in violation of the federal securities laws.
On October 22, 2015, the Oregon attorney general filed a lawsuit against GNC for violation of the Oregon Unlawful Trade Practices Act, alleging that the Company misrepresented certain products as lawful dietary supplements when they are actually unapproved drugs that may not be lawfully sold in the United States as a dietary supplement. The suit alleges that various GNC products contain the synthetic chemical picamilon and BMPEA, an amphetamine like stimulant, both of which are not approved for sale in the United States. The suit also alleges that some products included unlabeled BMPEA.
On this news, GNC stock fell over $8.25 per share, or more than 20% from its previous closing price on October 21, 2015 during intraday trading on October 22, 2015.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs’ firms in the country.