PHILADELPHIA, PA / ACCESSWIRE / August 16, 2021 / Kehoe Law Firm, P.C. is investigating whether Live Ventures Incorporated ('Live Ventures', 'Live,' or the 'Company') (NASDAQ: LIVE) violated federal securities laws.
Investors who purchased, or otherwise acquired, shares of Live Ventures between December 28, 2016 and August 3, 2021, both dates inclusive (the 'Class Period'), are encouraged to contact Kehoe Law Firm, P.C. to discuss the securities investigation or potential legal claims.
On August 13, 2021, a class action lawsuit was filed against Live Ventures in United States District Court, District of Nevada, on behalf of Live investors who purchased, or otherwise acquired, the securities of Live Ventures during the Class Period and suffered losses.
Throughout the Class Period, according to the class action complaint, the Live Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects.
According to the complaint, the Live Defendants failed to disclose to investors 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 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) 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, the Live Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
INVESTORS WHO PURCHASED LIVE SECURITIES DURING THE CLASS PERIOD AND SUFFERED FINANCIAL LOSSES GREATER THAN $25,000 ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM'S SECURITIES CLASS ACTION QUESTIONNAIRE OR CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, MYARNOFF@KEHOELAWFIRM.COM, INFO@KEHOELAWFIRM.COM, TO DISCUSS THE SECURITIES CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff-side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.
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SOURCE: Kehoe Law Firm, P.C.
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