HACKENSACK, N.J., April 16, 2020 /PRNewswire/ -- John Tang, Esq., a long-term investor with
significant holding of GNC Holdings, Inc. (NYSE: GNC) class A
common stock and a group of individual GNC shareholders across the
world announce the establishment of GNC Shareholder Advocacy Group
("SAG") to protect and promote the shareholder's interest.
GNC, a leading global brand of health and nutritional products,
is in need of improvements in terms of corporate governance,
management and communications with the investor community in the
wake of the severe deterioration in stock price and the clear
mishandling and miscommunications with regard to the debt
refinancing since late last year.
With the firm belief in GNC's value as a company, SAG seeks to
work with GNC Board of Directors and management to better align the
business strategies with the shareholder's interest.
SAG's short-term goal is to urge
the Board and management take any necessary actions to resolve the
short-term liquidity issues to avoid the bankruptcy filing, for
which a letter has been dispatched to the Board and management on
April 14, 2020.
Thereafter, SAG would like to engage the Board and management in
an open and candid fashion about the long-term prospect of the
company, including:
- Restructuring of corporate indebtedness
- Disposing of non-core assets
- Sale of the Company
- Corporate governance in alignment with shareholder
interest
- Executive and director compensation
- Stock price enhancement
- New business strategy and initiatives
- Permanent cost control and reduction
- Improvement of investor relationship and communication.
SAG will keep all activities transparent and in compliance with
applicable laws and regulations.
Tang PC (www.gettang.com) is a law firm committed to provide
premium legal services to clients across the world. GNC SAG is a
shareholder advocacy group organized by John Tang, Esq.
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content:http://www.prnewswire.com/news-releases/john-tang-esq-forms-gnc-shareholder-advocacy-group-301042385.html
SOURCE Tang PC
