NU Skinned Alive: NUS Stock Plunges, Repeatedly Halted On Company Admission Of Chinese Investigation
After the Chinese news/rumors that pummeled NU Skin the last 2 days, the company has finally been forced to make a statement...
- *NU SKIN AWARE CHINESE REGS INITIATED INVESTIGATIONS
- *NU SKIN SAYS LIKELY NEGATIVE EFFECT ON CHINA REV
- *NU SKIN HAS STARTED OWN PROVINCE-BY-PROVINCE BUSINESS REVIEW
After being halted on news pending, NUS was re-halted upon re-opening, plunged further, and is now re-halted down $45 (39%. Herbalife (down 12%) and USANA (down 12%) are also tumbling on this news.
Nu Skin Enterprises, Inc. (NYSE: NUS) today issued the following statement in regards to its China business.
"We are aware that Chinese regulators have now initiated investigations to review issues raised by recent news reports. The government regularly monitors all businesses in this rapidly growing marketplace, and as is our practice, we will continue to communicate openly with regulators to address any questions they may have.
"As part of our ongoing commitment to comply with all applicable Chinese regulations, we have initiated our own province-by-province business review and will invite relevant regulators to provide guidance. Given the substantial growth in our China salesforce over the last year, we are also taking additional steps to reinforce our training and education efforts. As we work through this evolving situation and remain focused on long-term growth, there will likely be a negative impact on China revenue, but it is too early to know whether our previous guidance will be affected.
"We remain committed to working cooperatively with the government to ensure long-term, sustainable growth in this important market. Nu Skin has an 11-year history of doing business in China. We are dedicated to operating in full compliance with all applicable regulations as interpreted and enforced by the government of China."
Here's who is hurting the most...
But the analysts still love it..
Though getting out, or in may be tricky: 4 halts so far and counting.
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