SALT LAKE CITY, Nov. 18, 2016 (GLOBE NEWSWIRE) -- LifeVantage Corporation (NASDAQ:LFVN) announced today that in connection with its November 10, 2016 notification of late filing of the Company's Form 10-Q for the first fiscal quarter ended September 30, 2016, and because the Company remains delinquent in filing its Form 10-K for the fiscal year ended June 30, 2016, the Company received notice from NASDAQ that the Company is not in compliance with Listing Rule 5250(c)(1). This rule requires NASDAQ listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission. The NASDAQ notification has no immediate effect on the listing of LifeVantage's common stock. The letter specifies that, under NASDAQ rules, the Company has until November 28, 2016 to submit a plan to regain compliance with respect to these delinquent reports. The Company's common stock will continue to trade on the NASDAQ Capital Market pending NASDAQ's review of the plan of compliance. As previously announced on September 13, 2016, the Audit Committee of the Company's Board of Directors is conducting an independent review of sales of the Company's products in certain international markets, not including Japan. The review is focused on the determination of revenue and appropriate tax and other accruals associated with such sales, as well as the policies and procedures related to sales in those specific markets. The Audit Committee and the Company's management team are working diligently to address the situation. Once the review is complete, the Company intends to file its Form 10-K for fiscal year 2016 and its Form 10-Q for the first quarter of fiscal year 2017 with the SEC as soon as reasonably practicable.