NEW YORK, Aug. 19, 2021 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of Nevada on behalf of persons and entities that purchased or otherwise acquired Live Ventures Inc. (NASDAQ: LIVE) (“Live Ventures” or the “Company”) securities between December 28, 2016 and August 3, 2021, inclusive (“Class Period”).
All investors who purchased Live Ventures Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Live Ventures Inc., you may, no later than October 12, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Live Ventures Inc.
PLEASE CLICK HERE TO JOIN CASE
According to the filed complaint, Defendants made materially false and misleading statements and failed to disclose a variety of facts to investors. Live Ventures failed to disclose that its earnings per share for Fiscal Year 2016 was only $6.33 per share; that the Company used an artificially low share count to boost the earnings per share by 40%; and that Live Ventures had overstated pre-tax income for fiscal 2016 by 20% by including $915,500 of "other income" related to certain amendments that were not negotiated until after the close of the fiscal year.
It is also alleged that Live Ventures made numerous false statements regarding its acquisition of Appliance Smart and the manner in which it recognized revenue did not conform to generally accepted accounting principles.
On August 3, 2021, the U.S. Securities and Exchange Commission (SEC) filed a complaint against Live Ventures, its Chief Executive Officer, and its Chief Financial Officer alleging "multiple financial, disclosure, and reporting violations related to inflated income and earnings per share, stock promotion and secret trading, and undisclosed executive compensation."
The SEC alleged that Live Ventures had recorded income from a backdated contract, which increased pre-tax income for fiscal 2016 by 20%, and understated its outstanding share count, which overstated earnings per share by 40%.
On this news, the Company's share price fell $29.08, or 46%, to close at $33.50 per share on August 4, 2021. The stock continued to decline, and fell another 23% over the next four consecutive trading sessions to close at $25.76 per share on August 10, 2021.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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