LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired LifeVantage Corporation (“LifeVantage” or the “Company”) (NASDAQ: LFVN) securities between November 4, 2015 and September 13, 2016, inclusive (the “Class Period”). LifeVantage investors have until November 14, 2016 to file a lead plaintiff motion.
Investors suffering losses on their LifeVantage investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
The class action complaint filed on behalf of shareholders alleges that throughout the Class Period defendants issued false and misleading statements to investors and/or failed to disclose that: (1) LifeVantage lacked effective internal financial controls; (2) LifeVantage had improperly accounted for sales in certain international markets, along with associated revenue and income tax accruals; and (3) as a result, defendants' statements about LifeVantage's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On September 13, 2016, after the market close, the Company announced that it was delaying the release of its fourth quarter financial results because of issues with revenue and tax accruals in connection with certain international markets. The delay comes just months after the Company appointed a new independent auditor.
On this news, LifeVantage’s share price fell more than 12% to close at $9.08 per share on September 14, 2016, thereby injuring investors.
If you purchased shares of LifeVantage during the Class Period you may move the Court no later than November 14, 2016 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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