http://finance.yahoo.com/news/bernstein-liebhard-llp-announces-only-163600705.html | Did Jared Davis Overton (Orem Utah) Know about (ViSalus) Overstated, False and Misleading Statements?
The complaint charges Blyth and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Blyth is a marketing and manufacturing company that sells personal and decorative products throughout North America.
*More than $462,000,000 in market capitalization vanished !!
The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s financial performance and future prospects. In particular, the complaint alleges that the nature and ongoing viability of the strong results being reported for ViSalus, Inc., a multilevel weight loss marketing company in which Blyth owns a controlling interest, were being overstated, and that this was masking declining performance in the Company’s other operating units and product lines.
The complaint further alleges that beginning with a September 21, 2012 Moody’s Investors Services cut in its outlook for the Company, the market began to learn through a series of partial disclosures ending on November 6, 2012, that the Company’s financial soundness and business metrics were not as they had been represented during the Class Period. As Blyth’s stock price fell with each of these revelations, more than $462 million in market capitalization vanished.