The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Live Ventures Incorporated (NASDAQ: LIVE) who purchased shares between December 28, 2016 and August 3, 2021. The action, which was filed in the United States District Court for the District of Nevada, alleges that the Company violated federal securities laws.
In particular, the Live Ventures lawsuit alleges that 1) Live’s earnings per share for FY 2016 was actually only $6.33 per share; (2) the Company used an artificially low share count to boost the earnings per share by 40%; (3) Live had overstated pretax 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) Live’s acquisition of ApplianceSmart did not close during first quarter 2017; (5) using December 30, 2017 as the “acquisition date” and recognizing income therefrom did not conform to generally accepted accounting principles; (6) 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) 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 of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Shareholders have until October 12, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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