LIVE CLASS ACTION NOTICE: Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit Against Live Ventures Incorporated

By On Aug 13, 2021

THE ANGEL–(BUSINESS WIRE) – Glancy Prongay & Murray LLP (“GPM”), announced that a class action lawsuit entitled Sieggreen v. Live Ventures Incorporated et al. (Case No. 21-cv-01517) on behalf of individuals and legal entities who between December 28, 2016 and August 3, 2021 (inclusive) securities of Live Ventures Incorporated (“Live Ventures” or the “Company”) (NASDAQ: LIVE) or otherwise acquired (the “Class Period”). Plaintiff is pursuing claims under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

Investors are hereby notified that they have 60 days from this notification to move the court as the lead plaintiff in this lawsuit.

If you have suffered a loss on your Live Ventures investment or would like to inquire about the possibility of making claims under US securities laws to recover your loss, your contact information can be found at https://www.glancylaw.com / cases / live- transmit. Ventures-incorporated /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, email [email protected], or visit our website at www.glancylaw.com to learn more about your rights.

On August 3, 2021, the US Securities and Exchange Commission filed a complaint against Live Ventures, its chief executive officer, and its chief financial officer for “multiple financial, disclosure and reporting violations related to excessive revenues and earnings.” per share, publicity and secret trading, and undisclosed executive compensation. ”In particular, the SEC alleged that Live Ventures recorded revenue from a retrospective contract that increased pre-tax profit for fiscal 2016 by 20% and understated the number of shares outstanding that exaggerated earnings per share by 40%.

Due to this news, the company’s share price fell $ 29.08, or 46%, on an unusually high trading volume, to close at $ 33.50 per share on August 4, 2021. The stock price fell a further $ 7.74, or 23%, for the next four consecutive trading sessions, closing at $ 25.76 per share on August 10, 2021.

The complaint filed in this class action lawsuit alleges that during the collection period the defendants made materially false and / or misleading statements and disclosed material adverse facts about the company’s business, operations and prospects. In particular, defendants have failed to disclose to investors: (1) that Live’s earnings per share for fiscal year 2016 were actually only $ 6.33 per share; (2) that the company used an artificially low number of shares to increase earnings per share by 40%; (3) Live overestimated pre-tax income for fiscal 2016 by 20% by including $ 915,500 in “other income” related to certain changes that were not negotiated until after the fiscal year ended; (4) Live’s acquisition of ApplianceSmart was not completed in the first quarter of 2017; (5) that the use of December 30, 2017 as the “acquisition date” and the recording of income therefrom did not comply with generally accepted accounting principles; (6) that Live, by falsely stating that the acquisition closed during the quarter, identified a bargain purchase profit that enabled the company to post positive net profits in an otherwise unprofitable quarter; (7) that Live’s CEO received approximately 94% more compensation between fiscal 2016 and fiscal 2018 than was reported to investors; and (8) as a result, Defendants’ statements about its business, operations and prospects were materially false and misleading and / or were inadequate at all relevant times.

If you have purchased or otherwise acquired Live Ventures securities during the class action period, you may request the court to appoint you as the lead plaintiff no later than 60 days after such notice. You don’t need to do anything at this point to be a member of the class; You can hire a lawyer of your choice or do nothing and remain an absent member of the group. If you would like to learn more about this promotion, or have any questions about this announcement or your rights or interests in relation to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, toll free at 888-773-9224, email [email protected], or visit our website at www.glancylaw.com. For inquiries by e-mail, please include your postal address, telephone number and the number of shares purchased.

This press release may be viewed as a solicitation in some jurisdictions subject to applicable laws and ethical rules.