Wednesday, May 31, 2006

Press Releases as "Mini" Lead Plaintiff Motions

Earlier this month, I noted the emerging trend of lead plaintiff movants and their counsel issuing pre-emptive press releases.

The trend has taken a new turn. Yesterday, Dr. Jan Gilbert and his counsel, Kahn Gauthier Swick, LLC, issued this release regarding their intention to file a lead plaintiff motion in the Nature's Sunshine Products, Inc. securities litigation currently pending in the District of Utah.

The release notes:
Dr. Jan Gilbert is well suited to lead this litigation. As both a significant shareholder of the Company and a prominent member of the New York medical community and founder of the leading company devoted to nutrition for dental health and general health, Dr. Gilbert has both the interest and understanding to make an ideal Lead Plaintiff and class representative.
These types of assertions are similar to those often found in lead plaintiff motions regarding the adequacy of a proposed lead plaintiff.

As noted in the release, Dr. Gilbert is the founder of Oral Medicine Today, a dental and general nutrition health company. An affiliate of Oral Medicine Today is Superior Kosher Vitamins, a supplier of kosher certified nutritionals.

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