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PHILADELPHIA, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it is investigating Live Ventures Inc. (“Live Ventures” or the “Company”) (NASDAQ: LIVE) on behalf of the Company’s stockholders. The investigation seeks to determine whether the members of Live Ventures’ board of directors breached their fiduciary duties to the Company and its stockholders.
Recently a shareholder class action complaint was filed against Live Ventures on behalf of certain investors who purchased shares of the Company’s common stock between December 28, 2016 and August 3, 2021. According to the complaint, on August 3, 2021, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint against Live Ventures, its Chief Executive Officer, and its Chief Financial Officer alleging “multiple financial, disclosure, and reporting violations related to inflated income and earnings per share, stock promotion and secret trading, and undisclosed executive compensation.” Specifically, the SEC alleged that Live Ventures had recorded income from a backdated contract, which increased pre-tax income for fiscal 2016 by 20%, and understated its outstanding share count, which overstated earnings per share by 40%.
Following this news, the Company’s share price fell $29.08, or 46% in value, to close at $33.50 per share on August 4, 2021, on unusually heavy trading volume. The stock continued to decline an additional $7.74 over the next four trading days to close at $25.76 per share on August 10, 2021.
Current Live Ventures stockholders who purchased or acquired shares of the Company’s common stock prior to December 28, 2016 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by email at firstname.lastname@example.org, to discuss this investigation and their legal rights and options. Additional information may also be found at https://kaskelalaw.com/cases/live-ventures-inc/.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.