LIFEVANTAGE INVESTOR REMINDER: Hagens Berman Reminds LifeVantage Corporation Investors of the Securities Fraud Lawsuit Lead Plaintiff Deadline
SAN FRANCISCO, Oct. 19, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in LifeVantage Corporation (NASDAQ:LFVN) that the Lead Plaintiff deadline in the securities fraud class action filed in the U.S. District Court for the District of Utah is November 14, 2016.
/EIN News/ -- If you purchased or otherwise acquired securities of LFVN between November 4, 2015 and September 13, 2016 and suffered significant losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing LFVN@hbsslaw.com.
LifeVantage announced on September 13, 2016 that it would not timely file its Annual Report on Form 10-K with the Securities and Exchange Commission. The Company explained that it was investigating possible accounting irregularities: “[f]ollowing an internal review by Company personnel of its policies and procedures, the Company is in the process of reviewing its sales into certain international markets and the revenue and income tax accruals associated with such sales.”
In response to this news, LifeVantage’s stock price dropped approximately 12.7% to close at $9.08 per share on September 14, 2016.
A lawsuit against the Company, filed September 15, 2016, claims that LifeVantage lacked effective internal controls and improperly recognized revenue from its international business.
As of October 19, 2016, the Company has not filed its Form 10-K with the SEC.
“The accounting rules are fairly clear on when it is proper to recognize revenues and record expenses,” said Hagens Berman partner Reed Kathrein. “Those are not judgment calls and LFVN investors are rightly concerned about the possible outcome of the internal review.” Hagens Berman continues its investigation of LifeVantage.
Whistleblowers: Persons with non-public information regarding LFVN should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email LFVN@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact: Reed Kathrein, 510-725-3000