NEW YORK, Sept. 19, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in LifeVantage Corporation (“LifeVantage” or the “Company”) (NASDAQ:LFVN) of the November 14, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of Utah on behalf of all those who purchased LifeVantage securities between November 4, 2015 and September 13, 2016 (the “Class Period”). The case, Zhang v. Lifevantage et al, No. 2:16-cv-00965 was filed on September 15, 2016, and has been assigned to Judge Brooke C. Wells.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose potential deficiencies in the Company’s internal control over financial reporting.
Specifically, after markets closed on September 13, 2016, the Company announced that it would not release its fourth quarter and fiscal year 2016 financial results on time due to accounting issues on sales into certain international markets and the revenue and income tax accruals associated with such sales. The Company also stated that an independent review by the Company’s Audit Committee is currently underway.
After the announcement, LifeVantage’s share price fell from $10.40 per share on September 13, 2016 to a closing price of $9.08 on September 14, 2016—a $1.32 or a 12.69% drop.
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Take Action
If you invested in LifeVantage stock or options between November 4, 2015 and September 13, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/LFVN. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding LifeVantage’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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