Evercore, an investment banking advisory firm, Harbin Pharmaceutical Group, a majority shareholder of GNC Holdings, members of GNC’s senior management and other defendants were hit with a civil RICO class action Wednesday in New Jersey District Court. The suit, filed by Tang P.C. on behalf of minority GNC shareholders, arises from a proposed acquisition of GNC by CITIC Capital Holdings. The complaint accuses GNC management of being negligent and engaging in self-dealing, and alleges that the defendants engaged in a bankruptcy scheme. Counsel have not yet appeared for the defendants. The case is 2:21-cv-17008, Tang et al v. CITIC Capital Holdings Ltd. et al.
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