NEW YORK, April 30, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of PetIQ, Inc. ("PetIQ" or the "Company") (NASDAQ: PETQ). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether PetIQ and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 30, 2019, Spruce Point Capital Management ("Spruce Point") issued a report regarding PetIQ, entitled "A Flea And Tick Infested Investment", asserting that the Company's stock was significantly overvalued due "the company's dubious past and questionable management team", among other issues. Specifically, Spruce Point alleged that PetIQ's "apparent predecessor . . . was accused of stealing hundreds of thousands of dollars' worth of pet medication from vets before allegedly reincorporating as a registered subsidiary of 'True Science Holdings,' later renamed PetIQ", and that "True Science appears to have formed non-arms-length relationships with veterinary drug wholesalers through the first half of the 2010s, and was later accused of using these relationships to manufacture inflated assets and earnings." Following publication of the Spruce Point report, PetIQ's stock price fell sharply during intraday trading on April 30, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP