BOSTON, March 27, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, announces that a class action lawsuit has been filed against Tivity Health, Inc. (“Tivity”) (NASDAQ: TVTY) and certain of its officers for securities fraud.  The lead plaintiff deadline is April 27, 2020.  Investors who purchased Tivity shares between March 8, 2019 and February 19, 2020 (the “Class Period”) should contact Block & Leviton for a free case evaluation.

Tivity provides fitness and health improvement programs in the United States.  In December 2018, Tivity announced that it would acquire Nutrisystem, Inc., a provider of weight management products and services.  On March 8, 2019, Tivity announced the completion of the Nutrisystem acquisition for approximately $1.3 billion in cash and stock.

The lawsuit, filed in the U.S. District Court for the Middle District of Tennessee, alleges that during the Class Period, Tivity issued false and/or misleading statements and/or failed to disclose that: (1) following the Nutrisystem acquisition, Tivity’s Nutrition segment faced significant operational challenges; (2) the foregoing would foreseeably have a significant impact on Tivity’s revenues; and (3) as a result, Tivity’s public statements were false and misleading at all relevant times. 

On February 19, 2020, Tivity issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2019.  Tivity disclosed that its “Nutrition segment had a disappointing end to 2019,” which included “a non-cash impairment charge of $(377.1) million.”  Tivity further announced the immediate resignation of its CEO.  On this news, Tivity’s stock fell from $22.93 to $12.50 per share on February 20, 2020 – representing a one-day drop of over 45%.

If you purchased or acquired shares of Tivity common stock and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at jake@blockesq.com, or at https://shareholder.law/tivity.  Tivity investors who purchased or otherwise acquired shares of Tivity common stock during the Class Period may, no later than April 27, 2020, seek to be appointed as a lead plaintiff representative of the Class.

Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets.  The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States.  The firm’s lawyers have recovered billions of dollars for its clients.

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BLOCK & LEVITON LLP
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Phone: (617) 398-5600
Email: jake@blockesq.com
SOURCE: Block & Leviton LLP
www.blockesq.com