Investor Notice: Former Attorney General of Louisiana and KSF Announce Investigation On Behalf of Investors in Vitacost.com Inc.
22 4월 2010 - 2:06AM
Business Wire
Former LA Attorney General, Charles Foti and New Orleans based
law firm Kahn Swick & Foti, LLC announce that they have
commenced an investigation on behalf of shareholders of
Vitacost.com Inc. ("Vitacost" or the "Company") (Nasdaq: VITC) to
determine whether it has violated federal securities laws by
issuing false and misleading statements to its shareholders in
connection with its September 2009 initial public offering.
In connection with its initial public offering, on or about
September 24, 2009 and continuing until April 20, 2010, Vitacost
allegedly issued a false and misleading proxy and prospectus, and
failed to disclose to investors that the Company was experiencing
manufacturing difficulties, lacked significant oversight processes
and procedures and utilized ineffective operations software, such
that it was impossible to meet expectations for earnings, revenue
or growth. It was not until April 20, 2010 – a short five months
after the company sold over $130 million of stock to the public,
including sales by insiders of at least $78.85 million of their
personally held Company shares - that Vitacost revealed that severe
manufacturing problems and other related issues would make it
impossible for the Company to meet its earning, revenue or growth
estimates. As a direct result of the revelation of these problems,
Vitacost shares plunged almost $4.00 per share in early trading, to
reach a low of $8.66 per share -- a decline of almost 30% in its
stock price – well below the September 2009, $12.00 offering
price.
If you have information that might assist KSF in its
investigation of Vitacost or would like to discuss your legal
rights, you may e-mail or call KSF, without obligation or cost to
you. You may contact Managing Partner Lewis Kahn of KSF today via
cell phone at 504-301-7900, or during work hours, direct, toll free
1-866-467-1400, ext. 100, or by email at lewis.kahn@ksfcounsel.com.
KSF focuses its practice on securities fraud litigation, and the
firm's lawyers have significant experience working on securities
fraud cases that have resulted in significant recoveries for
shareholders. For more information on KSF, please visit
www.ksfcounsel.com.
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