LOS ANGELES, May 14, 2019 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of PetIQ, Inc. (“PetIQ” or “the Company”) (NASDAQ: PETQ) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Spruce Point Capital Management published a report on April 30, 2019, entitled “A Flea and Tick Infested Investment,” based on its investigation of PetIQ. The article described the Company’s “dubious past and questionable management team.” The report alleges that the Company’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.” The report also examined the suspicious evidence surrounding PetIQ’s acquisition of VIP Petcare, which it describes as, “an operator of veterinary clinics and pet wellness centers which, it was later revealed, supplied nearly 50% of PetIQ's distributed products.” Based on this report, PetIQ’s share price fell by 8% on the same day.
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