Request Legal Help Now - Free
LAWSUITS NEWS & LEGAL INFORMATION

Settlement Proposed in Novedex XT Securities Lawsuit


This is a settlement for the Securities/Stock Fraud lawsuit.

Los Angeles, CA: A notice program authorized by the United States District Court for the Central District of California began on November 1, 2011 to alert those who purchased Novedex XT from November 2, 2006 through October 3, 2011 ("Class Period") about a proposed settlement with Gaspari Nutrition, Inc. ("Gaspari"). The notice is a result of the Court certifying, on October 3, 2011, a plaintiff settlement class in a securities lawsuit alleging that Defendant made misleading or false statements about Novedex XT. Gaspari denies that it made any false or misleading statements.

The lawsuit, James Keller v. Gaspari Nutrition, Inc., Case No. CV 11-06158 GAF (SHx), claims that Gaspari made improper statements in their labeling and advertising of Novedex XT marketed by Gaspari as a dietary supplement, and that such statements violate consumer protection laws and were fraudulent. Gaspari denies that it made any false or misleading statements, or that it did anything wrong or illegal. The court has not ruled on the merits of the parties' respective claims and the settlement does not mean that that Gaspari did anything wrong.

Each Settlement Class Member who provides a valid receipt or credit card statement showing that they purchased Novedex XT during the Class Period is eligible to receive a check in the amount of $20.00 for each bottle of Novedex XT purchased for personal consumption. Each Settlement Class Member who does not have a valid receipt or credit card statement showing that they purchased Novedex XT during the Class Period, but who signs a sworn affirmation under penalty of perjury saying that they purchased Novedex XT, along with other requested information relating to the purchase of the product, is eligible to receive a check in the amount of $10.00 for each bottle of Novedex XT purchased for personal consumption during the Class Period, up to a maximum of four (4) bottles. As an alternative to monetary compensation, Settlement Class Members may elect to receive a bottle of Gaspari's Viridex XT product.

Notices informing class members about their legal rights are appearing in national magazines and on the internet leading up to the final approval hearing on February 6, 2012.

In addition to submitting a claim form to ask for payment or replacement product, Class members can ask to be excluded from, or object to, the settlement. Claim forms must be postmarked or submitted online no later than January 16, 2012. The deadline for exclusions and objections is January 16, 2012.

Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in our form.
Published on Nov-7-11


ADD YOUR COMMENT ON THIS ISSUE

Fields marked * are mandatory. Please read our comment guidelines before posting.

*Name:

Note: Your name will be published with your comment.

*Email Address:

Your email will only be used if a response is needed.
*Your Comment:

Are you the defendant or a subject matter expert on this topic with an opposing viewpoint? We'd love to hear your comments here as well, or if you'd like to contact us for an interview please submit your details here.
Request Legal Help Now! - Free