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 firstname.lastname@example.org. 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.
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: email@example.com; firstname.lastname@example.org