Robbins Arroyo LLP Is Investigating the Officers and Directors of LifeVantage Corporation (LFVN) on Behalf of Shareholders
Robbins Arroyo LLP, is investigating whether certain officers and directors of LifeVantage Corporation (NASDAQCM: LFVN) breached their fiduciary duties to shareholders by issuing materially false and misleading statements regarding the company’s business and operations and its compliance policies. LifeVantage identifies, researches, develops, and distributes nutraceutical dietary supplements and skin care products.
LifeVantage Faces Lawsuits Over Lax Internal Controls
On September 13, 2016, LifeVantage announced in a filing with the U.S. Securities and Exchange Commission that it would be unable to file its Annual Report by the filing deadline. The company attributed the delay to the commencement of an internal review of policies and procedures, with a specific focus on sales into certain international markets and the revenue and income tax accruals associated with such sales. LifeVantage further disclosed that it was unable to predict the impact of the review to net revenue, tax expense, net income, or other aspects of its financial statements for the fiscal year ended June 30, 2016 or any potential prior periods. On this news, LifeVantage’s stock fell by $1.32 per share, or 12.69%, to close at $9.08 per share on September 14, 2016. Notably, LifeVantage’s misconduct has subjected the company to a federal securities fraud class action lawsuit and a shareholder derivative lawsuit, both pending in the U.S. District Court for the District of Utah.
LifeVantage Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.