Company Website:
http://www.robbinsarroyo.com
SAN DIEGO & SANDY, Utah -- (Business Wire)
Shareholder rights law firm, Robbins Arroyo LLP, is investigating
whether certain officers and directors of LifeVantage Corporation
(NASDAQCM: LFVN) breached their fiduciary duties to shareholders by
issuing materially false and misleading statements regarding the
company's business and operations and its compliance policies.
LifeVantage identifies, researches, develops, and distributes
nutraceutical dietary supplements and skin care products.
View this press release on the firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/lifevantage-corporation-jan-2017
LifeVantage Faces Lawsuits Over Lax Internal Controls
On September 13, 2016, LifeVantage announced in a filing with the U.S.
Securities and Exchange Commission that it would be unable to file its
Annual Report by the filing deadline. The company attributed the delay
to the commencement of an internal review of policies and procedures,
with a specific focus on sales into certain international markets and
the revenue and income tax accruals associated with such sales.
LifeVantage further disclosed that it was unable to predict 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. On this news, LifeVantage's stock fell by
$1.32 per share, or 12.69%, to close at $9.08 per share on September 14,
2016. Notably, LifeVantage's misconduct has subjected the company to a
federal securities fraud class action lawsuit and a shareholder
derivative lawsuit, both pending in the U.S. District Court for the
District of Utah.
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/20170131006312/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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