NEW YORK,
Sept. 23, 2016 /PRNewswire/
-- Pomerantz LLP announces that a class action lawsuit has
been filed against LifeVantage Corporation ("LifeVantage" or the
"Company") (NASDAQ: LFVN) and certain of its
officers. The class action, filed in United States
District Court, District of Utah,
is on behalf of a class consisting of all persons or entities who
purchased or otherwise acquired LifeVantage securities between
November 4, 2015 and September 13, 2016 both dates inclusive (the
"Class Period"). This class action seeks to recover damages
against Defendants for alleged violations of the federal securities
laws under the Securities Exchange Act of 1934 (the "Exchange
Act").
If you are a shareholder who purchased LifeVantage
securities during the Class Period, you have until November 14, 2016 to ask the Court to appoint you
as Lead Plaintiff for the class. A copy of the Complaint can
be obtained at www.pomerantzlaw.com.
To discuss this action, contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or
888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail
are encouraged to include their mailing address, telephone number,
and number of shares purchased.
[Click here to join this class action]
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.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los
Angeles, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members.
See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz
LLP
rswilloughby@pomlaw.com
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visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-lifevantage-corporation-of-class-action-lawsuit-and-upcoming-deadline--lfvn-300333556.html
SOURCE Pomerantz LLP