Class action suit filed against General Nutrition Companies Inc. and certain directors alleging material misrepresentations and omissions.PHILADELPHIA--(BUSINESS WIRE)--Aug. 5, 1996--A class action has been commenced in the Delaware Court of Chancery court of chancery n. pl. courts of chancery A court with jurisdiction in equity. Noun 1. court of chancery - a court with jurisdiction in equity chancery on behalf of purchasers of General Nutrition Companies Inc. ("General Nutrition") (Nasdaq:GNCI GNCI Great North China Initiative ) common stock sold in a public offering on Feb. 7, 1996. The complaint charges General Nutrition and certain of its directors with violations of Section 11 of the Securities Act of 1933 by making allegedly material misrepresentations and omissions about the company's sales, operations, promotional activities, products and sources of supply in the prospectus through which the public offering was effected. By making these misstatements and omissions, the complaint alleges, certain directors and others were able to sell more than 16 million shares to the public at $21.50 per share. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the complaint, by the close of trading on May 29, 1996, after the true facts were disclosed, the price of General Nutrition stock had fallen to $14 per share, with more than 36 million shares changing hands in a single day. The plaintiff seeks to recover damages on behalf of all purchasers of General Nutrition common stock sold in the Feb. 7, 1996 public offering. He is represented by Barrack BARRACK. By this term, as used in Pennsylvania, is understood an erection of upright posts supporting a sliding roof, usually of thatch. 5 Whart. R. 429. , Rodos & Bacine and Rosenthal Monhait Gross & Goddess, who have extensive experience and expertise in prosecuting investor class actions. Barrack, Rodos & Bacine has prosecuted securities, antitrust Antitrust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. and consumer class actions for 20 years from offices in Philadelphia, San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The Barrack Rodos firm is nationally recognized, having been designated lead counsel by federal and state courts across the country in large, complex cases and recovering hundreds of millions of dollars for class members. Most significantly, Barrack Rodos is acknowledged as an outstanding trial firm, having most recently won a multi-million dollar verdict in Gutierrez v. Givens, a consumer class action, tried by the firm on behalf of 29,000 California residents. If you wish to discuss this action or have any questions concerning this case or your rights or interests, please contact plaintiff's counsel, Leonard Barrack of Barrack, Rodos & Bacine at 800/417-7305. CONTACT: Barrack, Rodos & Bacine Leonard Barrack, 800/417-7305 |
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