WAYNE, Pa., Sept. 16, 2016 /PRNewswire/ -- Ryan &
Maniskas, LLP announces that a class action lawsuit has been filed
in United States District Court for the District of Utah on behalf of all persons or entities that
purchased the common stock of LifeVantage Corporation (NASDAQ:
LFVN) ("LifeVantage" or the "Company") on behalf of investors who
purchased or otherwise acquired LifeVantage securities between
November 4, 2015 and September 13, 2016 both dates inclusive (the
"Class Period").
LifeVantage shareholders may, no later than November 14, 2016, move the Court for appointment
as a lead plaintiff of the Class. If you purchased shares of
LifeVantage and would like to learn more about these claims or if
you wish to discuss these matters and have any questions concerning
this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877)
316-3218 or to sign up online, visit:
www.rmclasslaw.com/cases/lfvn.
LifeVantage identifies, researches, develops, and distributes
nutraceutical dietary supplements and skin care products.
LifeVantage Corporation sells its products through a network of
independent distributors and preferred customers in the United States, Japan, Hong
Kong, Australia,
Canada, the Philippines, Mexico, and Thailand. The Company also
sells its products online.
The Complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements, as well as
failed to disclose material adverse facts about the Company's
business, operations, and prospects. Specifically, Defendants
made false and/or misleading statements and/or failed to disclose
that: (i) LifeVantage lacked effective internal financial controls;
(ii) as a result, the Company had improperly accounted for sales in
certain international markets, along with associated revenue and
income tax accruals; and (iii) as a result of the foregoing,
LifeVantage's public statements were materially false and
misleading at all relevant times.
On September 13, 2016,
post-market, LifeVantage issued a press release and filed a Current
Report on Form 8-K with the Securities and Exchange Commission,
announcing a delay in the release of the Company's fourth quarter
and fiscal year 2016 financial results, citing an internal review
"relate[d] to sales of the Company's products in certain
international markets and the determination of revenue and the
deductibility of commission and incentive expenses associated with
such sales, as well as the policies and procedures related to sales
in those specific markets."
On this news, LifeVantage stock fell $1.32, or 12.69%, to close at $9.08 on September 14,
2016.
If you are a member of the class, you may, no later than
November 14, 2016, request that the
Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other
class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class
member's claim is typical of the claims of other class members, and
that the class member will adequately represent the class.
Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff. You may retain Ryan &
Maniskas, LLP or other counsel of your choice, to serve as your
counsel in this action.
For more information regarding this, please contact Ryan &
Maniskas, LLP (Richard A. Maniskas,
Esquire) toll-free at (877) 316-3218 or by email at
rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/lfvn.
For more information about class action cases in
general or to learn more about Ryan & Maniskas, LLP, please
visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old
Eagle School Rd., Suite 311
Wayne, PA
19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/lfvn
rmaniskas@rmclasslaw.com
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SOURCE Ryan & Maniskas, LLP