The Shareholders Foundation announced that a deadline is coming up on May 5, 2014 in the lawsuit filed for investors of Lifelock Inc (NYSE:LOCK) against Lifelock Inc over alleged securities laws violations.
Investors with a substantial investment in Lifelock Inc (NYSE:LOCK) shares between February 26, 2013 and February 19, 2014, should get active before the Deadline that is coming up on May 5, 2014 and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint filed in the U.S. District Court for the District of Arizona the plaintiff alleges on behalf of purchasers of Lifelock Inc (NYSE:LOCK) between February 26, 2013 and February 19, 2014, 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.
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.
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.
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 to $14.10 per share on May 1, 2014.
Those who purchased shares of Lifelock Inc have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com