SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of investors who purchased or otherwise acquired the securities of LifeLock, Inc. (“LifeLock” or the “Company”) (NYSE: LOCK) between July 30, 2014 and July 20, 2015, inclusive (the “Class Period”).
If you purchased or otherwise acquired LifeLock securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than September 21, 2015. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Background on the LifeLock Securities Class Litigation
The action charges LifeLock and certain of is senior executives with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. LifeLock purports to provide identity theft protection services for consumers and fraud and risk solutions for enterprises.
The action alleges that, throughout the Class Period, defendants made false and/or misleading statements and failed to disclose to investors: (1) that LifeLock had failed to establish and maintain a comprehensive information security program to protect its users’ sensitive personal data, including credit card, social security, and bank account numbers; (2) that LifeLock falsely advertised that it protected consumers’ sensitive data with the same high-level safeguards as financial institutions; (3) that LifeLock failed to meet recordkeeping requirements of its 2010 settlement with the Federal Trade Commission (“FTC”) and 35 state attorneys general concerning LifeLock’s allegedly deceptive claims about its business and services; and (4) that, as a result of the foregoing, LifeLock’s statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On July 21, 2015, the FTC announced that LifeLock had violated the 2010 settlement by “continuing to make deceptive claims about its identity theft protection services, and by failing to take steps required to protect its users’ data.” On this news, the price of LifeLock common stock dropped $7.91 per share, or nearly 50%, from its closing price on the previous trading day, to close at $8.15 per share on July 21, 2015, on extremely heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for twelve years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs' bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms, including in 2015.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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