Kahn Swick & Foti, LLC And Former Louisiana Attorney General Announce Firm’s Appointment as Co-lead Counsel in Securities C...
28 10월 2010 - 7:39AM
Business Wire
Kahn Swick & Foti, LLC ("KSF") and KSF partner Former
Attorney General of Louisiana, Charles C. Foti, Jr. announce that
the firm continues its investigation in the firm’s securities class
action lawsuit against Vitacost.com, Inc. ("Vitacost" or the
"Company") (Nasdaq: VITC). The lawsuit, Case No. 10-80644, is
pending in the United States District Court for the Southern
District of Florida on behalf of purchasers of the common stock of
the Company between September 24, 2009 and April 20, 2010,
inclusive (the "Class Period"). No class has yet been certified in
this action.
What You May Do
If you have information that would assist KSF in its ongoing
investigation prior to the filing of a consolidated amended
complaint in December, or would like to discuss your legal rights,
you may, without obligation or cost to you, call or e-mail KSF
Managing Partner, Lewis Kahn (lewis.kahn@ksfcounsel.com), toll free
1-866-467-1400, ext. 200, after hours via cell phone 504-301-7900.
KSF encourages anyone with information regarding Vitacost’s
conduct during the period in question to contact the firm to
discuss the investigation, including whistleblowers, former
employees, shareholders and others. KSF attorneys have
significant experience in representing both institutional and
individual shareholders in securities fraud litigation
nationwide.
About the Lawsuit
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 and the Securities Act of 1933 by
virtue of the Company's failure to disclose during the Class Period
and/or in the offering documents (registration statement and
prospectus) for its initial public offering on or about September
24, 2009, that the Company was starting a product-mix shift away
from the high-margin proprietary products yet inflated demand for
its proprietary products by pushing out excess product to customers
so that it could mask declining demand; that the Company was
knowingly experiencing logistical issues at its own plants, lacking
adequate oversight processes and procedures and utilizing
ineffective operations software; that the Company lacked adequate
internal and financial controls; and that as a result of the
foregoing, the Company's financial results were materially inflated
at all relevant times. According to the complaint, after, on April
20, 2010, the Company announced updated guidance for revenue for
the quarter ending March 31, 2010 and for the full year 2010, the
value of Vitacost.com stock declined significantly.
About Kahn Swick & Foti,
LLC
KSF, whose partners include the Former Louisiana Attorney
General Charles C. Foti, Jr., is a law firm focused on securities
class action litigation with offices in New York and Louisiana.
KSF's lawyers have significant experience litigating complex
securities class actions nationwide on behalf of both institutional
and individual shareholders. To learn more about KSF, you may
visit www.ksfcounsel.com.
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