LifeVantage Corporation (Nasdaq: LFVN)
A class action has been commenced in the United States District Court for the District of Utah on behalf of purchasers of LifeVantage Corporation (Nasdaq: LFVN) common stock between November 4, 2015 through September 13, 2016 (the “Class Period”).
According to the lawsuit, 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.
After markets closed on September 13, 2016, the Company announced that it would not release its fourth quarter and fiscal year 2016 financial results on time due to accounting issues on sales into certain international markets and the revenue and income tax accruals associated with such sales. The Company also stated that an independent review by the Company’s Audit Committee is currently underway.
After the announcement, LifeVantage’s share price fell from $10.40 per share on September 13, 2016 to a closing price of $9.08 on September 14, 2016—a $1.32 or a 12.69% drop.
If you are a current shareholder and purchased stock between November 4, 2015 through September 13, 2016, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
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