Deadline Alert: Law Offices of Howard G. Smith Reminds Investors of the Upcoming November 14th Deadline in the Class Action L...
November 10 2016 - 02:51PM
Business Wire
Law Offices of Howard G. Smith reminds investors of the
upcoming 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 LifeVantage shares, 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 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/20161110006417/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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