Live Ventures Announces Victory Following Dismissal of Federal Securities Class Action Lawsuit
December 06 2017 - 8:00AM
Live Ventures Incorporated (Nasdaq:LIVE), a diversified holding
company, today announced that the plaintiff voluntarily dismissed
the securities class action lawsuit against the company following
the company’s filing of a motion that the case be dismissed because
it lacked a valid legal and factual basis.
No fees or settlements or other form of payments were made to
the plaintiff in connection with this dismissal whatsoever.
The plaintiff based their complaint on allegations that were cut
and pasted from what the company believes is a bogus internet
article. The company’s motion to dismiss showed, among other
things, that
- the statements of the company alleged to be false by the
plaintiff were in fact all true,
- the company did not engage in any unlawful activity to promote
its stock,
- our CEO, Jon Isaac, purchased many shares of the company’s
stock on the open market during the time when the plaintiff alleged
that the company was promoting its stock (if the company had been
promoting its stock, one would expect the CEO to have sold, not
bought, during this period),
- the company did not pay the stock analyst discussed in the
internet article to promote or provide coverage of the company, and
- the company did not author the statements made by that analyst
and, therefore, cannot be liable for those statements.
“This is a great victory for the company. We have been
confident from the outset that plaintiff’s case was without merit,
and plaintiff’s voluntary dismissal of this baseless lawsuit
validates our position,” said Jon Isaac, Live Ventures’ President
and Chief Executive Officer.
Live Ventures and the other named defendants are represented by
Doug Greene of Lane Powell PC. The class action lawsuit
referenced was filed on May 5, 2017 in the United States District
Court for the District of Nevada (case no.
2:17-cv-01258-RFB-GWF).
About Live Ventures Incorporated Live Ventures
Incorporated is a diversified holding company with several wholly
owned subsidiaries and a strategic focus on acquiring profitable
companies that have demonstrated a strong history of earnings
power. Live Ventures Incorporated provides, among other
businesses, marketing solutions that boost customer awareness and
merchant visibility on the Internet. The company operates a
deal engine, which is a service that connects merchants and
consumers via an innovative platform that uses geo-location,
enabling businesses to communicate real-time and instant offers to
nearby consumers. Through its subsidiary, Marquis Industries,
the company operates as a specialty, high-performance yarns
manufacturer and hard-surfaces re-seller. Marquis Industries, which
is a top-10 high-end residential carpet manufacturer in the United
States, utilizes its state-of-the-art yarn extrusion capacity to
market monofilament textured yarn products to the artificial turf
industry. Marquis is the only manufacturer in the world that
can produce certain types of yarn prized by the
industry. Through its subsidiary Vintage Stock, Inc., an
award-winning entertainment company, the company is a retailer of
movies, classic and new video games, music, collectible comics and
toys. Vintage Stock has the ability to special order and ship
product worldwide to the customer’s doorstep.
Contact:Live Ventures IncorporatedTim Matula, investor
relations425-836-9035tmatula@live-ventures.comhttp://www.live-ventures.com
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