The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Tivity Health Inc. Investors ...
27 February 2020 - 11:27AM
Business Wire
The Law Offices of Frank R. Cruz announces that a class action
lawsuit has been filed on behalf of persons and entities that
purchased or otherwise acquired Tivity Health Inc. (“Tivity” or the
“Company”) (NASDAQ: TVTY) securities between March 8, 2019 and
February 19, 2020, inclusive (the “Class Period”). Tivity
investors have until April 27, 2020 to file a lead plaintiff
motion.
If you are a shareholder who suffered a loss, click here to
participate.
On March 8, 2019, Tivity acquired Nutrisystem, Inc. for
approximately $1.3 billion (the “Nutrisystem Acquisition”).
On February 19, 2020, after the market closed, Tivity announced
its fourth quarter and full year 2019 financial results in a press
release. Therein, the Company reported a fourth quarter net loss of
$323.1 million, a $137.1 million charge to goodwill and $240.0
million impairment charge to the Nutrisystem tradename. Tivity also
announced that its Chief Executive Officer Donato Tramuto had
resigned.
On this news, the Company’s stock price fell $10.43, or nearly
46%, to close at $12.50 per share on February 20, 2020, thereby
injuring investors.
The complaint alleges that defendants throughout the Class
Period made false and/or misleading statements and/or failed to
disclose: (1) that, following the Nutrisystem Acquisition, Tivity’s
Nutrition segment faced significant operational challenges; (2)
that the foregoing would foreseeably have a significant impact on
Tivity’s revenues; and (3) that, as a result, the Company’s public
statements were materially false and misleading at all relevant
times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Tivity securities during the Class Period, you
may move the Court no later than April 27, 2020 to ask the
Court to appoint you as lead plaintiff. 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 purchased Tivity securities, 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 Frank R. Cruz, of The Law
Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los
Angeles, California 90067 at 310-914-5007, by email to
info@frankcruzlaw.com, or visit our website at
www.frankcruzlaw.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: https://www.businesswire.com/news/home/20200226006048/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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