LOS ANGELES, April 15, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises LifeMD, Inc. ("LifeMD" or the "Company") (NASDAQ: LFMD) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On April 14, 2021, a report was issued by Culper Research alleging that “LifeMD appears to use unlicensed doctors to dispense OTC medications, has implemented an autoshipping/autobilling scheme, failed to honor guarantees, and put in place abusive telemarketing practices.” It was also alleged in this report that several of LifeMD’s executives were involved in “wide ranging fraud” at Redwood Scientific, which was subsequently charged by the U.S. Federal Trade Commission with “unlawful autoshipping, abusive telemarketing, and false claims.” Specifically, “many customers are effectively duped into purchasing subscriptions rather than one-time purchases” and LifeMD “makes cancellations difficult if not impossible”, according to Culper Research, During intraday trading on April 14, 2021, LifeMD’s share price fell as much as 22% on this news.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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