Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of LifeVantage Corp. Investors & Encourag...
08 October 2016 - 4:02AM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces that a
class action lawsuit has been filed on behalf of investors who
purchased or otherwise acquired LifeVantage Corporation
(“LifeVantage” or the “Company”) (NASDAQ: LFVN) securities between
November 4, 2015 and September 13, 2016, inclusive
(the “Class Period”). LifeVantage investors have
until November 14, 2016 to file a lead plaintiff
motion.
Investors suffering losses on their LifeVantage investments are
encouraged to contact Lesley Portnoy of GPM to discuss their legal
rights in this class action at 310-201-9150 or by email to
shareholders@glancylaw.com.
The class action complaint filed on behalf of shareholders
alleges that throughout the Class Period defendants issued false
and misleading statements to investors and/or failed to disclose
that: (1) LifeVantage lacked effective internal financial controls;
(2) LifeVantage had improperly accounted for sales in certain
international markets, along with associated revenue and income tax
accruals; and (3) as a result, defendants' statements about
LifeVantage's business, operations and prospects were materially
false and misleading and/or lacked a reasonable basis at all
relevant times. When the true details entered the market, the
lawsuit claims that investors suffered damages.
On September 13, 2016, after the market close, the Company
announced that it was delaying the release of its fourth quarter
financial results because of issues with revenue and tax accruals
in connection with certain international markets. The delay comes
just months after the Company appointed a new independent
auditor.
On this news, LifeVantage’s share price fell more than 12% to
close at $9.08 per share on September 14, 2016, thereby injuring
investors.
If you purchased shares of LifeVantage during the Class Period
you may move the Court no later than November 14,
2016 to ask the Court to appoint you as lead plaintiff if
you meet certain legal requirements. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, or if
you have any questions concerning this announcement or your rights
or interests with respect to these matters, please contact Lesley
Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los
Angeles California 90067 at 310-201-9150, Toll-Free at
888-773-9224, by email to shareholders@glancylaw.com, or visit our
website at http://glancylaw.com. If you inquire by email please
include your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20161007005650/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comhttps://www.glancylaw.com
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