LAS VEGAS, April 14, 2016 /PRNewswire/ - Live Ventures Incorporated (NASDAQ: LIVE) ("Live Ventures" or "the Company"), a diversified holding company, today announced it has filed a lawsuit in New York State Court against Ameritrade, Inc., E*trade Securities, LLC and Charles Schwab & Co. Inc. seeking discovery and further information regarding the trading activity in the Company's stock.
The Company has become aware of a significant share imbalance between the shares reported to be held in the Depository Trust and Clearing Corporation (DTCC), which is the location broker dealers report their holdings, and the shares reported to Broadridge Financial Solutions to be held by the broker dealer's customers. This share imbalance is substantial and is indicative of improper and illegal trading activity in the Company's stock. The Company is committed to investigating and taking appropriate action to protect the Company and its bona fide shareholders from such improper activities.
"Live Ventures will be vigilant in preventing holders of unauthorized or fictitious shares from voting or otherwise affecting the rights of real shareholders," said Jon Isaac, CEO of Live Ventures. "All those responsible will be vigorously pursued for all damages, which we believe could amount to many millions of dollars."
About Live Ventures Incorporated
Live Ventures Incorporated is a diversified holding company with several wholly-owned subsidiaries and a strategic focus on acquiring profitable companies that have demonstrated a strong history of earnings power. Live Ventures Incorporated provides, among other businesses, marketing solutions that boost customer awareness and merchant visibility on the Internet. We operate a deal engine, which is a service that connects merchants and consumers via an innovative platform that uses geo-location, enabling businesses to communicate real-time and instant offers to nearby consumers. In addition, we maintain, through our subsidiary, ModernEveryday, an online consumer products retailer and, through our subsidiary, Marquis Industries, a specialty, high-performance yarns manufacturer, hard-surfaces re-seller, which is a top-10 high-end residential carpet manufacturer in the United States. Marquis Industries, through its A-O Division, utilizes its state-of-the-art yarn extrusion capacity to market monofilament textured yarn products to the artificial turf industry. Marquis is the only manufacturer in the world that can produce certain types of yarn prized by the industry.
For more information, please visit www.live-ventures.com.
Forward-Looking and Cautionary Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the safe harbor provisions of this Act, statements contained herein that look forward in time that include everything other than historical information, involve risks and uncertainties that may affect the company's actual results. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. LiveDeal, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the company's Form 10-K for the fiscal year ended September 30, 2014, most recent Form 10-Q, and other filings with the U S. Securities and Exchange Commission (available at http://www.sec.gov). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.
SOURCE Live Ventures Incorporated