NEW YORK, April 14, 2020 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against of Tivity Health, Inc. ("Tivity" or the "Company") (NASDAQ: TVTY) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Tivity securities between March 8, 2019, and February 19, 2020, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/tvty.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) following the Nutrisystem Acquisition, Tivity's Nutrition segment faced significant operational challenges; (2) the foregoing would foreseeably have a significant impact on Tivity's revenues; and (3) as a result, the Company's public statements were materially false and misleading at all relevant times.
On February 19, 2020, Tivity issued a press release announcing the Company's financial results for the fourth quarter and year ended December 31, 2019. Tivity disclosed, inter alia, that its "Nutrition segment had a disappointing end to 2019," which included "a non-cash impairment charge of $(377.1) million," contributing to a net loss for the Company of $272.8 million in the fourth quarter. Concurrently, Tivity announced the resignation of the Company's Chief Executive Officer ("CEO") Donato Tramuto, effective immediately. Discussing the Company's financial results on an earnings call, the Company's interim CEO, Robert Greczyn, stated that "[a]dmittedly, the nutrition business has not worked out as well as planned since the completion of the [Nutrisystem Acquisition] in March 2019. Following this news, Tivity's stock price fell $10.43 per share, or 45.49%, to close at $12.50 per share on February 20, 2020.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/tvty or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Tivity you have until April 27, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.