Vitacost.com (VITC) Stock Purchasers File Securities Fraud Class Action Lawsuit Against Vitacost.com, Inc. Over Alleged False and Misleading Statements.
A securities fraud class action lawsuit was filed against Vitacost.com, Inc. (VITC) on behalf of purchasers of Vitacost.com common stock pursuant and/or traceable to Vitacost.com’s Initial Public Offering IPO on September 24, 2009 and purchasers of Vitacost.com stock between September 24, 2009 and April 20, 2010 (the class period), alleging that Vitacost.com violated federal securities laws by issuing false and misleading financial information to investors, according to class action news reports.
The Vitacost.com securities fraud class action complaint reportedly alleges that Vitacost.com violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by, among other things, failing to disclose that:
- Vitacost was purportedly starting a product-mix shift away from high-margin proprietary products;
- Vitacost purportedly inflated demand for its proprietary products;
- Vitacost was allegedly having logistical issues at its plants;
- Vitacost allegedly lacked certain oversight processes, operations, procedures and controls; and
- Vitacost’s projections regarding future growth purportedly lacked in any reasonable basis when made.
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