WILMINGTON, Del., Sept. 20, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of LifeVantage Corporation (NASDAQ: LFVN ) ?
- Did you purchase your shares between November 4, 2015 and September 13, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the District of Utah on behalf of all persons or entities that purchased the common stock of LifeVantage Corporation (“LifeVantage” or the “Company”) (NASDAQ: LFVN ) between November 4, 2015 and September 13, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of LifeVantage during the Class Period, or purchased shares prior to the Class Period and still hold LifeVantage, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com ; or at: http://rigrodskylong.com/investigations/lifev...ation-lfvn . The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) LifeVantage lacked effective internal financial controls; (2) as a result, the Company had 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. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on September 13, 2016, post-market, LifeVantage issued a press release and filed a Current Report on Form 8-K with the SEC, announcing a delay in the release of the Company’s fourth quarter and fiscal year 2016 financial results. In the release, the Company indicated that it was “in the process of reviewing its sales into certain international markets and the revenue and income tax accruals associated with such sales. . . . The review relates 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, shares of LifeVantage dropped over 12%, closing at $9.08 per share on September 14, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than November 14, 2016 . A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT: Rigrodsky & Long, P.A. Timothy J. MacFall, Esquire Peter Allocco (888) 969-4242 (516) 683-3516 Fax: (302) 654-7530 info@rl-legal.com http://www.rigrodskylong.com
