A Deadline is coming up on November 14, 2016 in the lawsuit for investors in LifeVantage Corp (NASDAQ:LFVN) and NASDAQ:LFVN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/08/2016 -- A deadline is coming up on November 14, 2016 in the lawsuit filed for investors of LifeVantage Corp (NASDAQ:LFVN over alleged securities laws violations by LifeVantage.
Investors who purchased shares of LifeVantage Corp (NASDAQ:LFVN) have certain options and there are strict and short deadlines running. Deadline: November 14, 2016. NASDAQ:LFVN stockholders should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
According to the complaint filed in the U.S. District Court for the District of Utah the plaintiff alleges on behalf of purchasers of LifeVantage Corp (NASDAQ:LFVN) common shares between November 4, 2015 and September 13, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 4, 2015 and September 13, 2016 the Defendants made false and/or misleading statements and/or failed to disclose that LifeVantage lacked effective internal financial controls, that as a result, the Company had improperly accounted for sales in certain international markets, along with associated revenue and income tax accruals, and that as a result of the foregoing, LifeVantage's public statements were materially false and misleading at all relevant times.
On September 1, 2015, LifeVantage Corp announced its fourth quarter and full fiscal year 2015 results and issued its fiscaul year 2016 guidance. LifeVantage Corp reported that its Total Revenue declined from $213.97 million for the 12 months period that ended on June 30, 2014 to $190.34 million for the 12 months period thaty ended on June 30, 2015 and that its Net Income for those respective time periods fell from $11.38 million to $6.99 million. LifeVantage Corp expected to generate revenue in the range of $195 million to $210 million in fiscal year 2016.
On September 13, 2016, LifeVantage Corp announced 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 November 7, 2016, NASDAQ:LFVN shares closed at $7.46 per share.
Those who purchased shares of LifeVantage Corp have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego