Cohen Milstein Sellers & Toll PLLC Announces Investigation of LifeVantage Corp.
14 October 2016 - 8:02AM
Business Wire
Cohen Milstein Sellers & Toll PLLC is conducting an
investigation to determine whether LifeVantage Corporation
(“LifeVantage” or the “Company”) and certain of its officers and
directors made false and misleading statements and/or omissions in
violation of Sections 10(b) and 20(a) of the Securities Exchange
Act of 1934.
A class action lawsuit was filed in the U.S. District Court for
the District of Utah by another law firm on behalf of purchasers of
the common stock of LifeVantage (NASDAQ: LFVN) between November 4,
2015 and September 13, 2016, inclusive (the “Class Period”).
The complaint alleges that LifeVantage and certain of its
officers and directors (“Defendants”) misrepresented and/or failed
to disclose that: (1) LifeVantage lacked effective internal
financial controls; (2) as a result, the Company improperly
accounted for sales in certain international markets, along with
associated revenue and income tax accruals; and (3) as a result of
the foregoing, LifeVantage’s public statements were materially
false and misleading at all relevant times.
LifeVantage announced the delay of its fourth quarter and fiscal
year 2016 financial results in a press release on September 13,
2016, stating:
Following an internal review by Company
personnel of its policies and procedures, the Company is in the
process of reviewing its sales into certain international markets
and the revenue and income tax accruals associated with such sales.
The Company is currently unable to estimate the impact of the
review to net revenue, tax expense, net income or other aspects of
its financial statements for the fiscal year ended June 30, 2016 or
any potential prior periods.
LifeVantage’s Audit Committee also engaged independent counsel
to assist with the review. The price of LifeVantage’s stock fell
from $10.40 on September 13, 2016 to $9.08 on September 14,
2016.
Cohen Milstein encourages all investors who purchased
LifeVantage Corporation common stock between November 4, 2015 and
September 13, 2016, or former employees with information concerning
this matter to contact the firm.
If you are a LifeVantage shareholder and would like to discuss
your right to recover for your economic loss, you may, without any
cost or obligation, call Cohen Milstein’s Managing Partner, Steven
J. Toll at (888) 240-0775 or (202) 408-4600, or email him at
stoll@cohenmilstein.com. If you wish to serve as lead plaintiff,
you must move the Court no later than November 14, 2016 to request
appointment. Any member of the proposed class may retain Cohen
Milstein or other attorneys to serve as your counsel in this
action, or you may do nothing and remain an absent class
member.
Cohen Milstein has significant experience in prosecuting
investor class actions and actions involving securities fraud, and
is active in major litigation pending in federal and state courts
throughout the nation. Cohen Milstein has taken a lead role in
numerous important cases on behalf of defrauded investors, and has
been responsible for a number of outstanding recoveries which, in
the aggregate, total over two billion dollars. Prior results do not
guarantee a similar outcome. For more information visit
www.cohenmilstein.com.
If you have any questions about this notice or the action, or
with regard to your rights, please contact either of the
following:
Steven J. Toll, Esq.Robin BleiweisCohen Milstein Sellers &
Toll PLLC1100 New York Avenue, N.W.Suite 500 EastWashington, D.C.
20005Telephone: (888) 240-0775 or (202) 408-4600Email:
stoll@cohenmilstein.com; rbleiweis@cohenmilstein.com
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version on businesswire.com: http://www.businesswire.com/news/home/20161013006613/en/
Cohen Milstein Sellers & Toll PLLCSteven J. Toll, Esq.,
888-240-0775 or 202-408-4600stoll@cohenmilstein.comorRobin
Bleiweis, 888-240-0775 or
202-408-4600rbleiweis@cohenmilstein.com
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