NEW YORK--(BUSINESS WIRE)--
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Tivity Health, Inc. (“Tivity” or the “Company”) (NASDAQ:TVTY) of the January 19, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Tivity stock or options between February 24, 2017 and November 3, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/TVTY. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
The lawsuit has been filed in the U.S. District Court for the Middle District of Tennessee on behalf of all those who purchased Tivity securities between February 24, 2017 and November 3, 2017 (the “Class Period”). The case, Weiner v. Tivity Health, Inc. et al, No. 3:17-cv-01469 was filed on November 20, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) Tivity was aware of United Healthcare’s plan to expand its fitness benefit to seniors; (ii) United Healthcare’s expansion would represent direct competition to Tivity’s core program SilverSneaker; and (iii) as a result, Tivity’s financial statements, as well as its statements about Tivity’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
Specifically, on November 6, 2017, United Healthcare issued a press release announcing expansion of its fitness benefits. Therein, United Healthcare revealed, in part, that in January 2018 it would be expanding its fitness benefit “to people enrolled in eligible UnitedHealthcare Medicare Advantage plans in 11 states through a large network of participating fitness centers.”
On this news, Tivity’s share price fell from $48.05 per share on November 3, 2017 to a closing price of $31.60 on November 6, 2017—a $16.45 or a 34.24% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Tivity’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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