LIVE Investors Have Opportunity to Lead Live Ventures Incorporated Securities Fraud Lawsuit

Oct 13, 2021 11:36 AM ET

Legal Newswire POWERED BY LAW.COM

Law Offices of Howard G. Smith announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Live Ventures Incorporated.


Class Period: December 28, 2016 - August 3, 2021


Lead Plaintiff Deadline: October 12, 2021


Investors suffering losses on their Live Ventures investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.


The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors: (1) that Live's earnings per share for FY 2016 was actually only $6.33 per share; (2) that the Company used an artificially low share count to boost the earnings per share by 40%; (3) that Live had overstated pre-tax income for fiscal 2016 by 20% by including $915,500 of "other income" related to certain amendments that were not negotiated until after the close of the fiscal year; (4) that Live's acquisition of ApplianceSmart did not close during first quarter 2017; (5) that using December 30, 2017 as the "acquisition date" and recognizing income therefrom did not conform to generally accepted accounting principles; (6) that, 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; (7) that between fiscal 2016 and fiscal 2018, Live's CEO received approximately 94% more in compensation than was disclosed to investors; and (8) as a result, Defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.


To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.


Contacts


Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

URL : http://www.howardsmithlaw.com

Contact Information:

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com


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