NEW YORK--(BUSINESS WIRE)--The law firm of Wohl & Fruchter LLP has filed a class action lawsuit against LifeLock, Inc. (LifeLock) (NYSE:LOCK) and certain of its officers. The class action, filed on March 10, 2014, in the United States District Court, District of Arizona, and docketed under 14-CV-0479, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired any securities of LifeLock between February 26, 2013 and February 19, 2014, both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you purchased LOCK securities during the Class Period, and wish to serve as a lead plaintiff, you have until May 5, 2014, to seek appointment by the Court. To discuss the case or learn more about becoming a lead plaintiff, please contact J. Elazar Fruchter at email@example.com, or call us toll free at 866.833.6245.
A copy of the complaint filed by Wohl & Fruchter LLP can be obtained at:
LifeLock is a self-proclaimed provider of proactive identity theft protection services that it provides to consumers and enterprises. In March 2010, LifeLock (and its Chairman and CEO, Todd Davis) entered into a settlement order (Settlement Order) with the Federal Trade Commission (FTC) whereby LifeLock settled allegations by the FTC that certain of LifeLock’s advertising and marketing practices constituted deceptive acts or practices in violation of the Federal Trade Commission Act (FTC Act). The Settlement Order enjoined LifeLock from deceptive advertising and marketing of its identity theft protection services, including making any misrepresentations of “the means, methods, procedures, effects, effectiveness, coverage, or scope of” its identity theft protection services.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that the Company’s marketing and advertising practices violated applicable government rules and regulations, as well as the terms of the Settlement Order, during the Class Period, and that as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
In its 2013 Form 10-K filed with the Securities and Exchange Commission on February 19, 2014, LifeLock disclosed that it had met with the FTC on January 17, 2014, regarding its compliance with the terms of the Settlement Order, after a whistleblower had discussed certain violations of the Settlement Order with the FTC.
On this news shares of LOCK fell $2.29 per share, or nearly 10%, over the course of four trading sessions, to close on February 25, 2014 at $20.00.
Subsequently, on March 17, 2014, LifeLock disclosed that it had received a request from the FTC for documents and information related to LifeLock's compliance with the Settlement Order. Since that time, LOCK shares have fallen further to close at $16.52/share on April 24, 2014.
Wohl & Fruchter LLP is an experienced securities litigation firm representing plaintiffs in class actions arising from securities fraud and fiduciary breaches, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or to contact one of our partners.
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