Shares in LifeVantage have fallen nearly 30% since September 13, 2016, when the Company announced that it was delaying the release of its fourth quarter and full fiscal year 2016 financial results and had launched an internal investigation, which "relates 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."
The class action lawsuit pending in U.S. District Court for the District of Utah alleges that (i) LifeVantage lacked effective internal financial controls; (ii) as a result, the Company had improperly accounted for sales in certain international markets, along with associated revenue and income tax accruals; and (iii) as a result, LifeVantage's public statements were materially false and misleading.
Block & Leviton encourages class members to contact the firm for additional information as to how the lawsuit will affect them. If you wish to serve as a lead plaintiff, you must move the Court no later than November 14, 2016. As a member of the class, you may seek to file a motion to serve as a lead plaintiff or take no action and remain an absent class member. To learn more about your options or if you have any questions about the litigation, please contact attorneys Steven Harte or Bradley Vettraino at (617) 398-5600, by email at firstname.lastname@example.org or email@example.com, or visit www.blockesq.com/lifevantage.
Confidentiality to whistleblowers or others with relevant information is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
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Block & Leviton LLP
Steven P. Harte
Bradley J. Vettraino
155 Federal Street, Suite 400
Boston, MA 02110
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SOURCE Block & Leviton LLP