Company Website:
http://www.robbinsarroyo.com
SAN DIEGO & SANDY, Utah -- (Business Wire)
Shareholder rights law firm Robbins Arroyo LLP announces
that a class action complaint was filed against LifeVantage Corporation
(NASDAQCM: LFVN) in the U.S. District Court for the District of Utah.
The complaint is brought on behalf of all purchasers of LifeVantage
securities between November 4, 2015 and September 13, 2016, for alleged
violations of the Securities Exchange Act of 1934 by LifeVantage's
officers and directors. LifeVantage identifies, researches, develops,
and distributes nutraceutical dietary supplements and skin care products.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/lifevantage-corporation
LifeVantage Accused of Misleading Investors About Its Financial
Condition
According to the complaint, throughout the class period, LifeVantage
touted the company's positive financial condition in press releases and
filings with the U.S. Securities and Exchange Commission ("SEC"). The
company stated, "we made progress on our growth plan that focuses on
critical aspects of our business, including the launch of new
technologies, brand differentiation, the introduction of new products,
and international growth." LifeVantage reiterated its annual guidance
and predicted promising revenue, operating margin, and net income
results in fiscal 2016. The company also highlighted its record revenue
performance thus far, emphasizing positive trends in its existing
business along with accelerated sales growth. Notably, LifeVantage's SEC
filings certified that the financial information was accurate and
disclosed any material changes to the company's internal control over
financial reporting.
However, the complaint alleges that LifeVantage officials failed to
disclose that the company lacked effective internal financial controls,
and as a result, the company had improperly accounted for sales in
certain international markets, along with associated revenue and income
tax accruals. On September 13, 2016, LifeVantage issued a press release
and Form 8-K with the SEC, announcing a delay in the release of the
company's fourth quarter and fiscal year 2016 financial results.
LifeVantage stated that the audit committee of the company's board of
directors was conducting an independent review and had retained
independent counsel to assist in that review. On this news, LifeVantage
stock fell $1.32 per share, or 12.7%, to close at $9.08 per share on
September 14, 2016.
LifeVantage Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Darnell R. Donahue at
(800) 350-6003, DDonahue@robbinsarroyo.com,
or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160923005695/en/
Contacts:
Robbins Arroyo LLP
Darnell R. Donahue
(619) 525-3990 or Toll
Free (800) 350-6003
DDonahue@robbinsarroyo.com
www.robbinsarroyo.com
Source: Robbins Arroyo LLP
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