Live Ventures Down 46% After SEC Charges
August 04 2021 - 10:15AM
Dow Jones News
By Michael Dabaie
Live Ventures Inc. shares were down 46%, to $33.61, in early
trading Wednesday after the company said the U.S. Securities and
Exchange Commission filed charges against the company.
The holding company said it denies the allegations and will
defend itself in court.
The SEC said its complaint alleges that Live Ventures and its
chief executive, Jon Isaac, recorded income from a backdated
contract to boost Live Ventures' pre-tax income for fiscal year
2016 by 20%. SEC also alleged Live Ventures overstated earnings per
share by 40% by improperly understating Live Ventures' outstanding
share count.
SEC said the complaint also alleges the CEO hired a stock
promoter to boost interest in Live Ventures.
"The company categorically denies all charges and will
vigorously defend itself," Live Ventures said in a statement.
Live Ventures said it has enlisted the representation of John
Hueston of the law firm Hueston Hennigan.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
August 04, 2021 10:04 ET (14:04 GMT)
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