LOS ANGELES, CA / ACCESSWIRE / October 13, 2016 / Lundin Law PC (the "Firm") announces a class action lawsuit against LifeVantage Corporation ("LifeVantage" or the "Company") (LFVN) concerning possible violations of federal securities laws between November 4, 2015 and September 13, 2016 (the "Class Period"). Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm before the November 14, 2016 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
The complaint alleges that during the Class Period, LifeVantage made false and/or misleading statements and/or failed to disclose: that the Company lacked effective internal financial controls; that LifeVantage improperly accounted for sales in certain international markets, along with associated revenue and income tax accruals; and that as a result of the above, the Company's public statements were materially false and misleading at all relevant times.
On September 13, 2016, the Company announced that it would delay the release of its fourth quarter and fiscal year 2016 financial results. The reason for the delay was for LifeVantage to carry out an internal review of sales into certain international markets and the revenue and income tax associated with those sales. The Company stated that it is unable to estimate the impact of the review to aspects of its financial statements for the fiscal year ended June 30, 2016 or any potential prior periods. When this news went public, the stock price of LifeVantage declined, causing investors harm.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding the rights of shareholders.
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SOURCE: Lundin Law PC