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LifeVantage Corp (NASDAQ: LFVN) Investor Securities Class Action Lawsuit 09/15/2016

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Lawsuit Overview

Case Dismissed
Company
Lifevantage Corporation
Security
NASDAQ: LFVN

Case Name
Lifevantage Shareholder Class Action Lawsuit 09/15/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Utah

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 18, 2017 - The court denied the plaintiff's second amended complaint. The case was dismissed.

June 15, 2017 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

January 27, 2017 - An amended complaint was filed.

September 15, 2016 - An investor in shares of LifeVantage Corp (NASDAQ: LFVN) filed a lawsuit in the U.S. District Court for the District of Utah over alleged violations of Federal Securities Laws by LifeVantage Corp in connection with certain allegedly false and misleading statements made between November 4, 2015 and September 13, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of LifeVantage Corp (NASDAQ: LFVN) common shares between November 4, 2015 and September 13, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 4, 2015 and September 13, 2016 the defendants made false and/or misleading statements and/or failed to disclose that LifeVantage Corp lacked effective internal financial controls, that as a result, the Company had improperly accounted for sales in certain international markets, along with associated revenue and income tax accruals, and that as a result of the foregoing, LifeVantage Corp’s public statements were materially false and misleading at all relevant times.

On September 1, 2015, LifeVantage Corp announced its fourth quarter and full fiscal year 2015 results and issued its fiscal year 2016 guidance. LifeVantage Corp reported that its Total Revenue declined from $213.97 million for the 12 months period that ended on June 30, 2014 to $190.34 million for the 12 months period that ended on June 30, 2015 and that its Net Income for those respective time periods fell from $11.38 million to $6.99 million. LifeVantage Corp expected to generate revenue in the range of $195 million to $210 million in fiscal year 2016.

Shares of LifeVantage Corp (NASDAQ: LFVN) reached as high as $15.68 per share in July 016.

On September 13, 2016, LifeVantage Corp announced a delay in the release of the Company’s fourth quarter and fiscal year 2016 financial results, citing an internal review “relate[d] 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, as well as the policies and procedures related to sales in those specific markets.”

Shares of LifeVantage Corp (NASDAQ: LFVN) declined to as low as $8.01 per share on September 14, 2016.