GPM Reminds Investors of the November 14th Deadline in the Class Action Lawsuit Against LifeVantage Corp. & Encourages Invest...
November 07 2016 - 1:20PM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the
November 14, 2016 deadline to file a lead plaintiff motion
in the class action lawsuit 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.
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 September 14, 2016, thereby injuring
investors.
If you purchased or otherwise acquired LifeVantage shares during
the Class Period, you may move the Court no later
than November 14, 2016 to request appointment 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 Lesley Portnoy,
Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles,
California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
email to shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
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/20161107006276/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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