SHAREHOLDER CLASS ACTION DEADLINE: Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in a Securities Class Action Lawsuit Against Live Ventures Incorporated
Oct 22, 2021 10:10 AM ET
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Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Live Ventures Incorporated from December 28, 2016 through August 3, 2021 (the "Class Period"). The lawsuit filed in the United States District Court for the District of Nevada alleges violations of the Exchange Act of 1934.
If you purchased Live securities, and/or would like to discuss your legal rights and options please visit Live Shareholder Class Action Lawsuit or contact Rujul Patel toll free at (877) 779-1414 or [email protected]
The complaint alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Live's earnings per share for FY 2016 was actually only $6.33 per share; (ii) the Company used an artificially low share count to boost the earnings per share by 40%; (iii) Live had overstated pre-tax income for fiscal 2016 by 20% by including $915,000 of "other income" related to certain amendments that were not negotiated until after the close of the fiscal year; (iv) Live's acquisition of ApplianceSmart did not close during first quarter 2017; (v) using December 30, 2017 as the "acquisition date" and recognizing income therefrom did not conform to generally accepted accounting principles; (vi) by falsely stating that the acquisition closed during the quarter, Live recognized bargain purchase gain, which enabled the Company to report positive net income in what would otherwise have been an unprofitable quarter; (vii) between fiscal 2016 and fiscal 2018, Live's CEO received approximately 94% more in compensation than was disclosed to investors; and (viii) as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On August 3, 2021, the SEC filed a complaint against Live Ventures, its CEO, and its CFO alleging "multiple financial, disclosure, and reporting violations related to inflated income and earnings per share, stock promotion and secret trading, and undisclosed executive compensation." Specifically, the SEC alleged that Live Ventures had recorded income from a backdated contract, which increased pre-tax income for fiscal 2016 by 20%, and understated its outstanding share count, which overstated earnings per share by 40%.
On this news, the Company's share price fell $29.08, or 46%, to close at $33.50 per share on August 4, 2021, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than October 12, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Live securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/liveventuresincorporated-live-shareholder-class-action-lawsuit-stock-fraud-427/apply/ or contact Rujul Patel toll free at (877) 779-1414 or [email protected]
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
Bernstein Liebhard LLP
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