NEW YORK, Sept. 16, 2016 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies
investors that a class action lawsuit has been filed against
LifeVantage Corporation ("LifeVantage" or the "Company") (NASDAQ:
LFVN) and certain of its officers, and is on behalf of shareholders
who purchased or otherwise acquired LifeVantage securities
between November 4, 2015 and
September 13, 2016 both dates
inclusive (the "Class Period").
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 "Exchange Act").
LifeVantage identifies, researches, develops, and sells
nutraceutical dietary supplements and skin care products.
The Complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements, as well as
failed to disclose material adverse facts about the Company's
business, operations, and prospects. Specifically, Defendants
made false and/or misleading statements and/or failed to disclose
that: (1) LifeVantage lacked effective internal financial controls;
(2) therefore, the Company had improperly accounted for sales in
certain international markets, along with associated revenue and
income tax accruals; and (3) consequently, LifeVantage's public
statements were materially false and misleading at all relevant
times.
On September 13, 2016, LifeVantage
revealed that it was delaying the release of its fourth quarter and
fiscal year 2016 financial results due to its review of its sales
into certain international markets and the revenue and income tax
and the associated accruals. The Company said that it is unable to
estimate the impact of the review to net revenue, tax expense, net
income or other aspects of its financial statements for the fiscal
year ended June 30, 2016 or any
potential prior periods. Following this news, LifeVantage stock
dropped on September 14, 2016 during
intraday trading.
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:
http://www.bgandg.com/lfvn or you may contact Peretz Bronstein, Esq. or his Investor Relations
Analyst, Yael Hurwitz of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email
info@bgandg.com. Those who inquire by e-mail are encouraged to
include their mailing address and telephone number. If you
suffered a loss in LifeVantage you have until November 14, 2016 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.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC