Investors In $132M Vitacost IPO Ask 11th Circ. To Revive Suit

Law360, Miami (April 9, 2013, 3:36 PM EDT) -- Investors in vitamin retailer Inc.'s $132 million initial public offering urged the Eleventh Circuit on Tuesday to revive their class action claiming the company failed to disclose pre-IPO plans to shake up its profitable manufacturing division.

In oral arguments in Miami, the shareholders' attorney Timothy Mathews of Chimicles & Tikellis LLP argued that a reasonable person would conclude that Vitacost should have revealed to possible investors that the then-CEO had plans to oust company founder Wayne Gorsek as well as Eigerwand Bjornstad, the vice president...
To view the full article, register now.