Class Action Lawsuit Against Nature’s Sunshine
A class action lawsuit has been filed against Nature’s Sunshine Inc, as well as against several of its executives. According to claims made in the lawsuit the company and its officials duped shareholders and lost them millions of dollars by falsifying financial statements to federal regulators and auditors.The company was sued by five shareholders, along with a number of its executives including CEO Douglas Faggioli. The class action lawsuit was filed in a district court in Salt Lake City, Utah, earlier this month. According to a spokesperson for Nature’s Sunshine, legal aid has been hired to defend the company against the claims made in the lawsuit.
In relation to the lawsuit, a lawyer for the plaintiffs stated: "Typically, class actions don't put companies out of business. It's designed to compensate shareholders for the alleged fraud. The company also voluntarily stated in SEC filings it had engaged in illegal activities related to the financial statements and that these illegal activities are serious enough to warrant notifying government authorities like the SEC and the Department of Justice."
According to the class action lawsuit against Nature’s Sunshine, the falsified statement that were made by company officials meant that the defendants in the case could sell stock at prices that were artificially inflated.
Topic Added November 8th, 2006
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