GNC Holdings, Inc. Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors

DALLAS--(BUSINESS WIRE)--

Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed in the United States District Court for the Western District of Pennsylvania against GNC Holdings, Inc. ("GNC") GNC and several officers and directors for acts taken during the period of November 28, 2011 and October 28, 2015 (the "Class Period").

Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of GNC. If you are an affected GNC shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at shareholders@thebriscoelawfirm.com, Patrick Powers at Powers Taylor LLP via email at shareholder@powerstaylor.com, or call toll free at (877) 728-9607. There is no cost or fee to you.

According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants failed to disclose that it had been selling certain products as lawful dietary supplements when, in fact, they contain potentially dangerous and unapproved drugs that may not be lawfully sold as dietary supplements in the United States. According to the complaint, GNC filed documents with the SEC that contained materially false and misleading misrepresentations about GNC's product quality standards and quality controls, risk factors, financial statements and disclosure controls. The complaint also alleges that GNC was experiencing declining supplement sales and lacked reasonable basis for their positive statements about its 2015 financial outlook, business prospects and future operating performance.

The Oregon Attorney General filed a lawsuit against GNC on October 22, 2015 alleging that it sold nutritional and dietary supplements containing the illegal ingredients picamilon and BMPEA. Once these allegations were made public, GNC stock price fell 14%. Then, on October 29, 2015, GNC announced its financial results for the quarter ended September 30, 2015, reporting a 29% drop in profit, in part due to a 2.7% decline in revenues and a $28.3 million asset impairment charge associated with its discount supplements line of business. Again, GNC stock dropped significantly immediately following this announcement.

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151120005843/en/