NEW YORK, Sept. 21, 2016 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against LifeVantage Corporation (“LifeVantage” or the “Company”) (NASDAQ: LFVN ) and certain of its officers, and is on behalf of shareholders who purchased or otherwise acquired LifeVantage securities between November 4, 2015 and September 13, 2016 both dates inclusive (the “Class Period”).
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
LifeVantage identifies, researches, develops, and sells nutraceutical dietary supplements and skin care products.
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: (1) LifeVantage lacked effective internal financial controls; (2) therefore, the Company had improperly accounted for sales in certain international markets, along with associated revenue and income tax accruals; and (3) consequently, LifeVantage’s public statements were materially false and misleading at all relevant times.
On September 13, 2016, LifeVantage revealed that it was delaying the release of its fourth quarter and fiscal year 2016 financial results due to its review of its sales into certain international markets and the revenue and income tax and the associated accruals. The Company said that it is unable to estimate the impact of the review to net revenue, tax expense, net income or other aspects of its financial statements for the fiscal year ended June 30, 2016 or any potential prior periods. Following this news, LifeVantage stock dropped on September 14, 2016 during intraday trading.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/lfvn or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com . Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in LifeVantage you have until November 14, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
