A lawsuit was filed on behalf of investors in LifeVantage Corp (NASDAQ:LFVN) shares over alleged securities laws violations. Deadline: November 14, 2016. NASDAQ:LFVN investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/20/2016 -- An investor, who purchased shares of LifeVantage Corp (NASDAQ:LFVN), filed a lawsuit in the U.S. District Court for the District of Utah over alleged violations of Federal Securities Laws by LifeVantage in connection with certain allegedly false and misleading statements made between November 4, 2015 and September 13, 2016.
Investors who purchased shares of LifeVantage Corp (NASDAQ:LFVN) have certain options and for certain investors are short and strict deadlines running. Deadline: November 14, 2016. NASDAQ:LFVN investors should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
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.
Shares of LifeVantage Corp (NASDAQ:LFVN) reached as high as $15.68 per share in July 016.
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."
Shares of LifeVantage Corp (NASDAQ:LFVN) declined to as low as $8.01 per share on September 14, 2016.
On September 19, 2016, NASDAQ:LFVN shares closed at $10.43 per share.
Those who purchased shares of LifeVantage Corp have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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