The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Lifelock Inc (NYSE:LOCK) was initiated concerning potential breaches of fiduciary.
Investors who are current long term investors in Lifelock Inc (NYSE:LOCK) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in NYSE:LOCK stocks follows a lawsuit filed against Lifelock Inc over alleged securities laws violations. The investigation on behalf of current long term investors in Lifelock Inc (NYSE:LOCK) stocks, concerns whether certain Lifelock officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. .S. District Court for the District of Arizona the plaintiff alleges that Lifelock Inc (and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the plaintiff claims that the defendants made allegedly false and/or misleading statements and/or failed to disclose that Lifelock Inc’s marketing and advertising practices were in direct violation of applicable government rules and regulations, that Lifelock Inc was in direct violation of the Settlement Order, that Lifelock Inc’s revenues were earned through violations of the FTC Act and the Settlement Order, and that as a result of the above, Lifelock Inc’s financial statements were materially false and misleading at all relevant times.
On March 8, 2010, the Federal Trade Commission (“FTC”) filed a complaint against the Company and Defendant Todd Davis, alleging amongst other things, that the Company issued dramatically misleading advertisements and guarantees to customers regarding its identity theft protection services.
The company announced in a Securities and Exchange Commission filing, that the Federal Trade Commission (“FTC”) has started an investigation into the company’s advertising and marketing practices in connection with Lifelock’s alleged misrepresentations in the advertising and marketing of its identity theft protection services. The company had previously entered into a stipulated order with the FTC over its deceptive marketing practices, and the current investigation involves new allegations by a whistleblower. Shares of Lifelock Inc (NYSE:LOCK) declined from $21.90 per share in February 2014 to as low as $11.22 per share in late May 2014.
On September 23, 2014, NYSE:LOCK shares closed at $14.06 per share.
Those who purchased shares of Lifelock Inc (NYSE:LOCK) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com