NEW ORLEANS, Oct. 1, 2021 /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF continues its investigation into Tivity Health, Inc. (NasdaqGS: TVTY).
On February 19, 2020, the Company announced its financial results for the fourth quarter and year ended December 31, 2019, disclosing that its "Nutrition segment had a disappointing end to 2019" including "a non-cash impairment charge of $377.1 million," that contributed to a $272.8 million net loss in the fourth quarter, due to complications in the nutrition business since its acquisition of Nutrisystem in March 2019, and also that its Chief Executive Officer had resigned.
In September of 2020, the Company announced the resignation of co-founder Daniel G. Tully from its Board of Directors. Then, in October of 2020, it was reported that the Company would be selling Nutrisystem for $575 million, less than half of what Tivity paid to buy it.
The Company has been sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws. Recently, the court presiding over that case denied the Company's motion to dismiss, allowing the case to move forward.
KSF's investigation is focusing on whether Tivity's officers and/or directors breached their fiduciary duties to Tivity's shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Tivity shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-tvty/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.