NEW YORK -- (Business Wire)
Bragar Eagel & Squire, P.C. announces that a class action lawsuit has
been filed in the United States District Court for the Utah District
Court on behalf of all persons or entities who acquired LifeVantage
Corporation (NASDAQ:LFVN) securities between November 4, 2015 and
September 13, 2016 (the “Class Period”).
LifeVantage identifies, researches, develops, and distributes
nutraceutical dietary supplements and skin care products. LifeVantage
Corporation sells its products through a network of independent
distributors and preferred customers in the United States, Japan, Hong
Kong, Australia, Canada, the Philippines, Mexico, and Thailand. The
Company also sells its products online.
The Complaint alleges that throughout the Class Period, Defendants made
false and/or misleading statements, as well as failed to disclose
material adverse facts about the Company’s business, operations, and
prospects. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (i) LifeVantage lacked
effective internal financial controls; (ii) as a result, the Company had
improperly accounted for sales in certain international markets, along
with associated revenue and income tax accruals; and (iii) as a result
of the foregoing, LifeVantage’s public statements were materially false
and misleading at all relevant times.
On September 13, 2016, post-market, LifeVantage issued a press release
and filed a Current Report on Form 8-K with the Securities and Exchange
Commission, announcing a delay in the release of the Company’s fourth
quarter and fiscal year 2016 financial results, citing an internal
review “relate[d] to sales of the Company’s products in certain
international markets and the determination of revenue and the
deductibility of commission and incentive expenses associated with such
sales, as well as the policies and procedures related to sales in those
specific markets.”
On this news, LifeVantage stock fell $1.32, or 12.69%, to close at $9.08
on September 14, 2016.
If you acquired LifeVantage securities during the Class Period or
continue to hold shares purchased prior to the Class Period, 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 J. Brandon Walker, Esq. by email
at investigations@bespc.com,
or telephone at (212) 355-4648, or by filling
out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating
in commercial and securities litigation. For additional information,
please go to www.bespc.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160916005776/en/
Contacts:
Bragar Eagel & Squire, P.C.
J. Brandon Walker, Esq.,
212-355-4648
investigations@bespc.com
Source: Bragar Eagel & Squire, P.C.
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