Chicago Law Firm Botched Vitacost's $132M IPO, Suit Says

Law360, New York (April 4, 2013, 7:06 PM EDT) -- Vitamin retailer Vitacost.com Inc. launched suit Thursday in Florida federal court accusing its former counsel Shefsky & Froelich Ltd. of failing to properly vet corporate and financial filings for Vitacost's $132 million initial public offering in 2009 that later triggered a securities fraud class action and jeopardized the company.

Vitacost, an online retailer for vitamins, minerals, dietary supplements and other health and wellness products, claims Chicago-based Shefsky failed to adequately conduct its due diligence before issuing an unqualified legal opinion letter stating that the shares of...
To view the full article, register now.