LOS ANGELES -- (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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161007005650/en/
Contacts:
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
shareholders@glancylaw.com
https://www.glancylaw.com
Source: Glancy Prongay & Murray LLP
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