The Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of LifeVantage Corp. Investors...
September 30 2016 - 1:35PM
Business Wire
Law Offices of Howard G. Smith announces that a class
action lawsuit has been filed on behalf of investors who purchased
or otherwise acquired LifeVantage Corporation (“LifeVantage” or the
“Company”) (NASDAQ: LFVN) securities between November 4, 2015
and September 13, 2016, inclusive (the “Class Period”).
LifeVantage investors have until November 14,
2016 to file a lead plaintiff motion.
Investors suffering losses on their LifeVantage investments are
encouraged to contact the Law Offices of Howard G. Smith to discuss
their legal rights in this class action at 888-638-4847 or by email
to howardsmith@howardsmithlaw.com.
The class action complaint filed on behalf of shareholders
alleges that throughout the Class Period defendants issued false
and misleading statements to investors and/or failed to disclose
that: (1) LifeVantage lacked effective internal financial controls;
(2) LifeVantage had improperly accounted for sales in certain
international markets, along with associated revenue and income tax
accruals; and (3) as a result, defendants' statements about
LifeVantage's business, operations and prospects were materially
false and misleading and/or lacked a reasonable basis at all
relevant times. When the true details entered the market, the
lawsuit claims that investors suffered damages.
On September 13, 2016, after the market close, the Company
announced that it was delaying the release of its fourth quarter
financial results because of issues with revenue and tax accruals
in connection with certain international markets. The delay comes
just months after the Company appointed a new independent
auditor.
On this news, LifeVantage’s share price fell more than 12% to
close at $9.08 per share on August 14, 2016, thereby injuring
investors.
If you purchased shares of LifeVantage during the Class Period
you may move the Court no later than November 14,
2016 to ask the Court to appoint you as lead plaintiff. To
be a member of the Class you need not take any action at this time;
you may retain counsel of your choice or take no action and remain
an absent member of the Class. If you wish to learn
more about this action, or if you have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Howard G. Smith, Esquire,
of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847,
toll-free at (888) 638-4847, or by email
to howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160930005791/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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