TVTY INVESTOR ALERT: Bernstein Liebhard Announces that a Securities Class Action Lawsuit Has Been Filed Against Tivity Health...
February 26 2020 - 6:47PM
Business Wire
Bernstein Liebhard, a nationally acclaimed investor rights law
firm, announces that a securities class action has been filed on
behalf of investors that purchased or acquired the securities of
Tivity Health Inc. ("Tivity Health" or the "Company") (NASDAQ:
TVTY) between March 8, 2019, and February 19, 2020 (the "Class
Period"). The lawsuit filed in the United States District Court for
the Middle District of Tennessee alleges violations of the
Securities Exchange Act of 1934.
If you purchased Tivity Health securities, and/or would like
to discuss your legal rights and options please visit Tivity
Health Shareholder Class Action or contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company’s business, operational and compliance
policies. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (i) following the
Nutrisystem Acquisition, Tivity Health’s Nutrition segment faced
significant operational challenges; (ii) the foregoing would
foreseeably have a significant impact on Tivity Health’s revenues;
and (iii) as a result, the Company’s public statements were
materially false and misleading at all relevant times.
On February 19, 2020, Tivity Health issued a press release
announcing the Company’s financial results for the fourth quarter
and year ended December 31, 2019. Tivity Health disclosed, inter
alia, that its “Nutrition segment had a disappointing end to 2019,”
which included “a non-cash impairment charge of $(377.1) million,”
contributing to a net loss for the Company of $272.8 million in the
fourth quarter. Concurrently, Tivity Health announced the
resignation of the Company’s Chief Executive Officer (“CEO”) Donato
Tramuto, effective immediately. Discussing the Company’s financial
results on an earnings call, the Company’s interim CEO, Robert
Greczyn, stated that “[a]dmittedly, the nutrition business has not
worked out as well as planned since the completion of the
[Nutrisystem Acquisition] in March 2019.
On this news, Tivity Health’s stock price fell $10.43 per share,
or 45.49%, to close at $12.50 per share on February 20, 2020.
If you purchased Tivity Health securities, and/or would like
to discuss your legal rights and options please visit
https://www.bernlieb.com/cases/tivityhealthinc-tiv-shareholder-class-action-lawsuit-stock-fraud-255/apply/
or contact Matthew E. Guarnero toll free at (877) 779-1414
or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than April 27, 2020. A lead plaintiff is a representative
party acting on behalf of other class members in directing the
litigation. Your ability to share in any recovery doesn’t require
that you serve as lead plaintiff. If you choose to take no action,
you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5
billion for its clients. In addition to representing individual
investors, the Firm has been retained by some of the largest public
and private pension funds in the country to monitor their assets
and pursue litigation on their behalf. As a result of its success
litigating hundreds of lawsuits and class actions, the Firm has
been named to The National Law Journal’s “Plaintiffs’ Hot List”
thirteen times and listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New York 10016, (212) 779-1414. The
lawyer responsible for this advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
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version on businesswire.com: https://www.businesswire.com/news/home/20200226006053/en/
Matthew E. Guarnero Bernstein Liebhard LLP
https://www.bernlieb.com (877) 779-1414 MGuarnero@bernlieb.com
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