NEW YORK, Aug. 25, 2015 /PRNewswire/ -- WeissLaw LLP, a national class action, shareholder rights law firm with offices in New York and Los Angeles, announces an investigation of Lifelock, Inc. ("LOCK" or the "Company"). The investigation focuses on possible breaches of fiduciary duty and violations of federal securities laws by the Board of Directors of LOCK.
On July 21, 2015, the Federal Trade Commission (the "FTC") announced that would be taking action against LOCK for failing to comply with a 2010 Order barring the Company from making any further deceptive advertising claims and requiring LOCK to take more rigorous measures to safeguard customers's personal information. On this news, shares of the Company fell nearly 50% from $16.06 to $8.15. A complaint has filed in the United States District Court for the District of Arizona alleging that the Company and its Board of Directors: (1) made false and/or misleading statements; (2) failed to establish and maintain a comprehensive security program to protect its customers's personal information, as required by the 2010 Order issued by the FTC; (3) failed to meet the recordkeeping requirements established by the 2010 Order issued by the FTC; and (4) continued to engage in deceptive advertising practices barred by the 2010 Order issued by the FTC. As a result, LOCK shares traded at an artificially inflated price.
The deadline for shareholders having significant realized or unrealized losses to serve as lead plaintiff is September 21, 2015. These shareholders are encouraged to contact WeissLaw LLP for more information about their rights or to share information. Please contact Joshua Rubin by telephone at (888) 593-4771 or by email at email@example.com.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.org or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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