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Live Ventures Inc (NASDAQ: LIVE) Investor Securities Class Action Lawsuit 05/05/2017

  • If you purchased shares of Live Ventures Inc (NASDAQ: LIVE), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Live Ventures Inc
Security
NASDAQ: LIVE

Case Name
Live Ventures Shareholders Class Action Lawsuit 05/05/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Nevada

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

November 17, 2017 - The case was voluntarily dismissed.

May 5, 2017 - An investor in shares of Live Ventures Inc (NASDAQ: LIVE) filed a lawsuit in the U.S. District Court for the District of Nevada over alleged violations of Federal Securities Laws by Live Ventures Inc in connection with certain allegedly false and misleading statements made between November 7, 2016 and January 6, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Live Ventures Inc (NASDAQ: LIVE) common shares between November 7, 2016 and January 6, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 7, 2016 and January 6, 2017, the defendants engaged in a stock promotion scheme to artificially inflate the price of the Company's stock through paid promotional advertisements by undisclosed individuals and companies, and that as a result of the stock promotion scheme, the defendants caused the Company to issue false and misleading statements in the Company's financial statements between November 7, 2016 and January 6, 2017, including reporting false earnings per share.

Live Ventures Inc reported that its Total Revenue rose from $33.37 million for the 12 months period that ended on September 30, 2015 to $78.95 million for the 12 months period that ended on September 30, 2016 and that its Net Loss of $14.67million for the 12 months period that ended on September 30, 2015 turned into a Net Income of $17.83 million for the 12 months period that ended on September 30, 2016.

Live Ventures Inc (NASDAQ: LIVE) reached as high as $24.42 per share on December 21, 2016.

On January 6, 2017, an article was published on Live Ventures Inc asserting, among other things, that stock promoters have been paid as much as $2 million to hype Live Ventures Inc, some of these promoters also touted imploded fraud Forcefield Energy, which was delisted and went to zero, and Live Ventures Inc created “earnings” via multiple one time discretionary accounting gains.

Shares of Live Ventures Inc (NASDAQ: LIVE) declined to as low as $13.93 per share on May 8, 2017.