The Law Office of Jeffrey M. Haber Announces the Investigation of LifeVantage Corporation and Certain of its Officers
- Posted on: Sep 27 2016
New York, N.Y. – September 27, 2016 – The Law Office of Jeffrey M. Haber (the “Firm”) is investigating LifeVantage Corporation (“LifeVantage” or the “Company”) (NASDAQ: LFVN) and certain of its officers for violations of the federal securities laws.
A class action lawsuit, Zhang v. LifeVantage, et al., No. 2:16-cv-00965-BCW, has been brought in the United States District Court for the District of Utah on behalf of investors who purchased or otherwise acquired LifeVantage securities during the period between November 4, 2015 and September 13, 2016, inclusive (the “Class Period”).
Investors who wish to become proactively involved in the litigation have until November 14, 2016 to seek appointment as lead plaintiff.
LifeVantage identifies, researches, develops, and distributes nutraceutical dietary supplements and skin care products. LifeVantage sells its products online and through a network of independent distributors and preferred customers in the United States, Japan, Hong Kong, Australia, Canada, the Philippines, Mexico, and Thailand. The Company is headquartered in Sandy, Utah.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements, as well as failed to disclose material adverse facts, about the Company’s business, operations, and prospects. In particular, the complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose that: (i) LifeVantage lacked effective internal financial controls; (ii) the Company had improperly accounted for sales in certain international markets, along with associated revenue and income tax accruals; and (iii) LifeVantage’s financial statements for the fiscal year ended June 30, 2016, and other prior periods were materially false and misleading.
On September 13, 2016, after the market closed, the Company announced a delay in the release of its fourth quarter and fiscal year 2016 financial results, citing an internal Audit Committee review “relate[d] to sales of the Company’s products in certain international markets and the determination of revenue and the deductibility of commission and incentive expenses associated with such sales, as well as the policies and procedures related to sales in those specific markets.”
In response to the news, the price of LifeVantage’s stock dropped $1.32 per share, or 12.69%, to close at $9.08 per share on September 14, 2016, the next trading day.
If you purchased or otherwise acquired LifeVantage securities during the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff contact Jeffrey M. Haber, Esq. at (212) 209-1005, or firstname.lastname@example.org. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff.
No class has been certified in the action. Until a class is certified, you are not considered represented by an attorney. You may retain the Firm, or other attorneys, as your counsel in the action, or you may also choose to do nothing and be an absent class member.
The Firm also encourages anyone, including former employees, shareholders and others, with non-public information regarding the Company’s Class Period conduct to contact the Firm about helping in the investigation or taking advantage of the SEC Whistleblower Program. Under the SEC Whistleblower program, whistleblowers who provide original information may receive an award of up to 30% of any successful recovery made by the SEC.
About the Firm:
The Law Office of Jeffrey M. Haber is dedicated to representing corporations, small businesses, partnerships and individuals involved in a broad range of complex business and commercial litigation matters and violations of the securities laws. Mr. Haber combines the sophistication and counsel of a large national law firm with the economy, flexibility, commitment and personal attention of a small firm.
Jeffrey M. Haber, Esq.
708 3rd Avenue, 5th Floor
New York, NY 10017
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