NEW YORK, May 12, 2017 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Live Ventures Incorporated (“Live Ventures” or the “Company”) (Nasdaq:LIVE) in the United States District Court for the District of Nevada on behalf of a class consisting of investors who purchased or otherwise acquired Live Venture stock on the open market between November 7, 2016 and January 6, 2017, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges that Live Ventures officials caused the Company’s stock to trade at artificially inflated prices, reaching a high of $27.68 per share on December 28, 2016, the day the Company issued a press release reporting inflated and false figures concerning its earnings per share. According to a January 6, 2017 SeekingAlpha article, Live Ventures paid several individuals and companies to publish articles touting the company, its business, and future prospects. Specifically, between November 2016 and December 2016, Michael J. Markowski, who reportedly receives income from companies for publishing favorable articles about them, published at least nine articles urging investors to buy Live Ventures stock “at market.” The report further stated that Live Ventures paid Markowski and others to write articles praising the company in order to spearhead a misleading informational campaign aimed at boosting the company's stock price. On this news, Live Ventures’ stock price fell approximately 13% to close at $18.05 per share on January 6, 2017.
If you wish to serve as lead plaintiff, you must move the Court no later than July 4, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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