DEADLINE ALERT: Brower Piven Notifies Shareholders Of Upcoming Deadline In Class Action Lawsuit And Urges Those With Losses In Excess Of $100,000 From Investment In LifeVantage Corporation To Contact The Firm
The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Utah on behalf of purchasers of LifeVantage Corporation (Nasdaq: LFVN) ("LifeVantage" or the "Company") securities during the period between November 4, 2015 and September 13, 2016, inclusive (the "Class Period"). Investors who wish to become proactively involved in the litigation have until November 14, 2016 to seek appointment as lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in LifeVantage securities during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that LifeVantage lacked effective internal financial controls, and, as a result, the Company had improperly accounted for sales in certain international markets, along with associated revenue and income tax accruals. According to the complaint, following a September 13, 2016 press release and Form 8-K announcing a delay in the release of the Company's fourth quarter and fiscal year 2016 financial results due to sales of the Company's products in certain international markets and the determination of revenue and the deductibility of commission and incentive expenses associated with such sales, the value of LifeVantage shares declined significantly.