May 31 Deadline Alert: GPM Reminds Investors of the Looming Deadline in the Class Action Lawsuit Against DS Healthcare Group,...
May 26 2016 - 5:03PM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the
upcoming May 31, 2016 deadline to file a lead plaintiff
motion in the class action filed by GPM on behalf of a class (the
“Class”) of investors who purchased DS Healthcare Group, Inc. (“DS
Healthcare” or the “Company”) (NASDAQ: DSKX) securities between
May 15, 2014 and March 28, 2016, inclusive (the “Class
Period”).
DS Healthcare and its subsidiaries purportedly develop
proprietary technologies and products for hair care and personal
care needs.
The complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements, as well as
failed to disclose material adverse facts about the Company’s
business, operations, and prospects, including issues with the
Company’s internal controls and accounting practices. According to
the complaint, the Company improperly recognized and reported
revenue; did not properly record and did not properly disclose
certain equity transactions in violation of GAAP; and, lacked
adequate internal controls over accounting and financial
reporting.
On March 23, 2016, the Company disclosed that Company President
and Chairman of the Board, Daniel Khesin, was terminated “for
cause,” because “there is sufficient evidence to conclude that Mr.
Khesin violated his fiduciary duty to the Company and its
subsidiaries.” The Company further disclosed that its prior
financial statements should no longer be relied upon due to errors
in revenue recognition and certain Company equity transactions.
Upon this news, the Company shares declined sharply in value,
thereby injuring investors; and to date trading in the Company’s
shares have been halted.
If you purchased DS Healthcare shares, you may move the Court no
later than May 31, 2016 to request appointment as
lead plaintiff. To be a member of the class you need not take any
action at this time; you may retain counsel of your choice or take
no action and remain an absent member of the Class.
If you wish to learn more about this action, or if you
have any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Lesley
Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los
Angeles, California 90067 at 310-201-9150, Toll-Free at
888-773-9224, by email to shareholders@glancylaw.com, or visit our
website at http://www.glancylaw.com. If you inquire by email please
include your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com