PROVO, Utah (AP) - A class-action lawsuit alleging insider trading and securities fraud by several top executives of Nature's Sunshine Products Inc. has been settled for $6 million.
The executives of the Provo nutritional supplements maker were accused of violating federal securities laws by falsifying financial statements to auditors and federal regulators, costing shareholders millions of dollars in damages.
According to the suit, the bogus statements allowed the defendants to sell millions of dollars worth of stock between April 2002 and April 2006 at artificially inflated prices.
In agreeing to settle, the company denied any wrongdoing.
Under the settlement, the company's insurer will pay $6 million plus interest to affected shareholders.
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Information from: The Daily Herald, http://www.heraldextra.com
(Copyright 2009 by The Associated Press. All Rights Reserved.)
