SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in LifeMD, Inc. f/k/a Conversion Labs, Inc. of Class Action Lawsuit and Upcoming Deadline

NEW YORK, May 11, 2021 / PRNewswire / – Pomerantz LLP announces that a class action lawsuit has been filed against LifeMD, Inc. against Conversion Labs, Inc. (“LifeMD” or the “Company”) (NASDAQ: LFMD) and some of its corporate officers. The class action lawsuit filed in The United States District Court for the Southern District of new Yorkand registered under 21-cv-04004 is on behalf of a class consisting of all persons and entities, other than Defendants, who have purchased or otherwise acquired securities between LifeMD January 19, 2021 and April 13, 2021including (the “Class Period”). Plaintiff is pursuing claims against defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased LifeMD securities during the class period, you have up June 15, 2021 ask the court to appoint you as the lead plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this action, please contact Robert S. Willoughby at the [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 7980. Those inquiring by email are asked to provide their postal address, telephone number, and the number of shares purchased.

[Click here for information about joining the class action]

LifeMD is a telemedicine company that goes directly to patients. It provides a telemedicine platform designed to make it easier for patients to access licensed providers for diagnosis, virtual care, and prescription drugs.

The complaint alleges that the defendants made materially false and misleading statements about the company’s business throughout the teaching period. In particular, Defendants made false and / or misleading statements and / or failed to disclose that: (i) many LifeMD executives were associated with Redwood Scientific Technologies, Inc. (“Redwood Scientific”) when they suspected of unlawful autoshipping and abuse Telemarketing charges and false allegations and that they used similar practices in society; (ii) LifeMD deals with automatically shipping products to customers who are unwilling to post recurring revenue, and the company has made it difficult to cancel such subscriptions. (iii) some of the allegedly licensed doctors on the Company’s platform were, in fact, not licensed and subjected to disciplinary action; (iv) Based on the above practices, it was reasonably likely that the company was subject to regulatory scrutiny and / or reputational damage. and (v) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and / or lacking a reasonable basis.

On April 14, 2021Culper Research (“Culper”) released a report alleging that “LifeMD appears to have used unlicensed doctors to dispense OTC medication, implemented an automated shipping / billing scheme, breached guarantees, and introduced abusive telemarketing practices. ” The report also alleged that several company executives were involved in “widespread fraud” at Redwood Scientific, which the US Federal Trade Commission charged with “unlawful auto-shipping, improper telemarketing and false allegations.” According to Culper, “many customers are effectively tricked into buying subscriptions rather than one-time purchases,” and LifeMD “makes cancellations difficult, if not impossible.”

In the news, the company’s share price fell $ 2.84or 24% to close at $ 9.00 per share on April 14, 2021in the case of unusually high trading volumes.

The Pomerantz company with offices in new York, Chicago, The angel, and Paris is recognized as a leader in corporate, securities and antitrust litigation. Established by the late Abraham L. PomerantzPomerantz, known as the dean of class action, pioneered class action lawsuits. Today, more than 80 years later, the Pomerantz company continues its tradition of fighting for the rights of victims of securities fraud, fiduciary violations and corporate misconduct. The company has reclaimed numerous millions of dollars in damages on behalf of class members. See www.pomerantzlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

SOURCE Pomerantz LLP

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