NEW YORK--(BUSINESS WIRE)--
Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Utah District Court on behalf of all persons or entities who acquired LifeVantage Corporation (NASDAQ:LFVN) securities between November 4, 2015 and September 13, 2016 (the “Class Period”).
LifeVantage identifies, researches, develops, and distributes nutraceutical dietary supplements and skin care products. LifeVantage Corporation sells its products through a network of independent distributors and preferred customers in the United States, Japan, Hong Kong, Australia, Canada, the Philippines, Mexico, and Thailand. The Company also sells its products online.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) LifeVantage lacked effective internal financial controls; (ii) as a result, the Company had improperly accounted for sales in certain international markets, along with associated revenue and income tax accruals; and (iii) as a result of the foregoing, LifeVantage’s public statements were materially false and misleading at all relevant times.
On September 13, 2016, post-market, LifeVantage issued a press release and filed a Current Report on Form 8-K with the Securities and Exchange Commission, announcing a delay in the release of the Company’s fourth quarter and fiscal year 2016 financial results, citing an internal review “relate[d] to sales of the Company’s products in certain international markets and the determination of revenue and the deductibility of commission and incentive expenses associated with such sales, as well as the policies and procedures related to sales in those specific markets.”
On this news, LifeVantage stock fell $1.32, or 12.69%, to close at $9.08 on September 14, 2016.
If you acquired LifeVantage securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact J. Brandon Walker, Esq. by email at [email protected], or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information, please go to www.bespc.com.
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