WASHINGTON -- (Business Wire)
Cohen Milstein Sellers & Toll PLLC is conducting an investigation to
determine whether LifeVantage Corporation (“LifeVantage” or the
“Company”) and certain of its officers and directors made false and
misleading statements and/or omissions in violation of Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the
District of Utah by another law firm on behalf of purchasers of the
common stock of LifeVantage (NASDAQ: LFVN) between November 4, 2015 and
September 13, 2016, inclusive (the “Class Period”).
The complaint alleges that LifeVantage and certain of its officers and
directors (“Defendants”) misrepresented and/or failed to disclose that:
(1) LifeVantage lacked effective internal financial controls; (2) as a
result, the Company improperly accounted for sales in certain
international markets, along with associated revenue and income tax
accruals; and (3) as a result of the foregoing, LifeVantage’s public
statements were materially false and misleading at all relevant times.
LifeVantage announced the delay of its fourth quarter and fiscal year
2016 financial results in a press release on September 13, 2016, stating:
Following an internal review by Company personnel of its policies and
procedures, the Company is in the process of reviewing its sales into
certain international markets and the revenue and income tax accruals
associated with such sales. The Company is currently unable to estimate
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.
LifeVantage’s Audit Committee also engaged independent counsel to assist
with the review. The price of LifeVantage’s stock fell from $10.40 on
September 13, 2016 to $9.08 on September 14, 2016.
Cohen Milstein encourages all investors who purchased LifeVantage
Corporation common stock between November 4, 2015 and September 13,
2016, or former employees with information concerning this matter to
contact the firm.
If you are a LifeVantage shareholder and would like to discuss your
right to recover for your economic loss, you may, without any cost or
obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at
(888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com.
If you wish to serve as lead plaintiff, you must move the Court no later
than November 14, 2016 to request appointment. Any member of the
proposed class may retain Cohen Milstein or other attorneys to serve as
your counsel in this action, or you may do nothing and remain an absent
class member.
Cohen Milstein has significant experience in prosecuting investor class
actions and actions involving securities fraud, and is active in major
litigation pending in federal and state courts throughout the nation.
Cohen Milstein has taken a lead role in numerous important cases on
behalf of defrauded investors, and has been responsible for a number of
outstanding recoveries which, in the aggregate, total over two billion
dollars. Prior results do not guarantee a similar outcome. For more
information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with
regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Robin Bleiweis
Cohen Milstein Sellers &
Toll PLLC
1100 New York Avenue, N.W.
Suite 500 East
Washington,
D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com;
rbleiweis@cohenmilstein.com
Attorney Advertising
View source version on businesswire.com: http://www.businesswire.com/news/home/20161013006613/en/
Contacts:
Cohen Milstein Sellers & Toll PLLC
Steven J. Toll, Esq.,
888-240-0775 or 202-408-4600
stoll@cohenmilstein.com
or
Robin
Bleiweis, 888-240-0775 or 202-408-4600
rbleiweis@cohenmilstein.com
Source: Cohen Milstein Sellers & Toll PLLC
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