ALERT: Investors with Substantial Losses Have Opportunity to Lead the Live Ventures Incorporated Class Action Lawsuit
SAN DIEGO–(BUSINESS WIRE) –Robbins Geller Rudman & Dowd LLP Announces that buyers of Live Ventures Incorporated (NASDAQ: LIVE) securities have between December 28, 2016 and August 3, 2021, inclusive, until October 12, 2021, to become the lead plaintiff in the Live Ventures class action lawsuit to apply . Live Ventures class lawsuit charges Live Ventures and some of its top executives for violating the Securities Exchange Act of 1934. Live Ventures class action lawsuit, commenced in the District of Nevada on August 13, 2021, is entitled Sieggreen Vs Live Ventures Incorporated, No. 21-cv-01517.
If you would like to act as the lead plaintiff in the Live Ventures class action, please provide your information by clicking here. You can also contact Attorney JC Sanchez of Robbins Geller by phone at 800 / 449-4900 or by email at email@example.com. Lead plaintiffs’ class action lawsuit against Live Ventures must be filed with the court no later than October 12, 2021.
CASE ALLEGATIONS: Live Ventures ‘class action alleges that defendants made false and misleading statements during the class action period and failed to disclose: (i) Live Ventures’ earnings per share for fiscal 2016 were actually only $ 6.33 each Share; (ii) Live Ventures used an artificially low stock count to increase earnings per share by 40%; (iii) Live Ventures increased its pre-tax profit for the fiscal year 2016 by 20% by adding $ 915,500 in “other income” related to certain changes that were not negotiated until after the fiscal year ended; (iv) Live Ventures’ acquisition of ApplianceSmart did not close in the first quarter of 2017; (v) the use of December 30, 2017 as the “acquisition date” and the recognition of income therefrom was inconsistent with generally accepted accounting principles; (vi) by misrepresenting that the acquisition closed during the quarter, Live Ventures posted a bargain purchase profit that enabled Live Ventures to post positive net income in an otherwise unprofitable quarter; (vii) between FY 2016 and FY 2018, Live Ventures CEO Defendant Jon Isaac received approximately 94% more than the compensation disclosed to investors; and (viii) as a result, Defendants’ positive statements about the business, operations and prospects of Live Ventures have been materially misleading and / or unfounded.
On August 3, 2021, the US Securities and Exchange Commission filed a complaint against Live Ventures, its CEO, and its CFO, Defendant Virland A. Johnson, for “multiple financial, disclosure, and reporting violations relating to excessive” income and In particular, the SEC complaint alleged that Live Ventures had revenue from a retrospective contract that increased pre-tax profit for fiscal 2016 by 20% and the number of outstanding Undervalued stocks that exaggerated earnings per share by 40%. Because of this news, Live Ventures’ share price fell about 46%, which did harm to investors. Live Ventures’ stock price declined an additional 23% for the next four consecutive trading sessions.
LEAD APPLICATION: The Private Securities Litigation Reform Act of 1995 allows any investor who has purchased Live Ventures securities during the class action period to seek appointment as the lead plaintiff in the Live Ventures class action. A lead plaintiff is usually the applicant with the greatest financial interest in the legal protection sought by the alleged class, which is also typical and appropriate for the alleged class. One lead plaintiff is acting on behalf of all of the other class plaintiffs in directing the Live Ventures class action. The lead plaintiff can select a law firm of their choice to conduct the Live Ventures class action lawsuit. An investor’s ability to participate in a possible future recovery of the Live Ventures class action lawsuit does not depend on whether or not they are the lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm serving investors in securities class actions. Robbins Geller’s attorneys have secured many of the largest shareholder recoveries in history, including the largest securities class action of all time – $ 7.2 billion – in In re Enron Corp. Sec. Lit. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for getting $ 1.6 billion back for investors last year, more than double the amount paid by any other securities plaintiff firm was drafted. Please visit https://www.rgrdlaw.com/firm.html for more information.
Past results do not guarantee future results.
Services can be performed by lawyers in any of our offices.