Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against LifeVantage Corp. (LFVN) & Encourage...
September 16 2016 - 4:30PM
Business Wire
Bragar Eagel & Squire, P.C. announces that a class action
lawsuit has been filed in the United States District Court for the
Utah District Court on behalf of all persons or entities who
acquired LifeVantage Corporation (NASDAQ:LFVN) securities between
November 4, 2015 and September 13, 2016 (the “Class Period”).
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 acquired LifeVantage securities during the Class Period
or continue to hold shares purchased prior to the Class Period,
have information or would like to learn more about these claims, or
have any questions concerning this announcement or your rights or
interests with respect to these matters please contact J. Brandon
Walker, Esq. by email at investigations@bespc.com, or telephone at
(212) 355-4648, or by filling out this contact form. There is no
cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm
concentrating in commercial and securities litigation. For
additional information, please go to www.bespc.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160916005776/en/
Bragar Eagel & Squire, P.C.J. Brandon Walker, Esq.,
212-355-4648investigations@bespc.com
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