PR Newswire
NEW YORK, Aug. 28, 2023
NEW YORK, Aug. 28, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Natural Alternatives International, Inc. ("NAI" or the "Company") (NASDAQ: NAII). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether NAI and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 16, 2023, NAI issued a press release "announc[ing] a temporary closure of its new facility in Carlsbad, California, opened earlier this year to expand NAI's production and add high-speed powder blending and packaging to its manufacturing capabilities, with an initial objective of handling current and estimated orders from one of its largest customers." NAI stated that "[d]ue to this customer's efforts to rebalance supply and demand, it is temporarily ceasing purchases from Natural Alternatives. As a result, NAI has determined to temporarily close its new high-speed powder blending and packaging facility and has provided sixty days advance notice to most of the staff at that facility, who will be furloughed starting in early October and lasting until approximately December 31, 2023. NAI currently expects these economic factors will be short lived, and in order to influence furloughed employees to return, NAI will pay for the health insurance costs of all furloughed employees during the employee's furlough period, through December 31, 2023. NAI expects to begin shipping new orders to this customer during the first quarter of calendar 2024."
On this news, NAI's stock price fell $1.51 per share, or 21.63%, to close at $5.47 per share on August 17, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
