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SAN FRANCISCO, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Live Ventures Incorporated (NASDAQ: LIVE) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations and certain investors may have valuable claims.
Live Ventures Incorporated (LIVE) Investigation:
The investigation focuses on the propriety of Live Ventures’ reported financial performance, promotional activities, insider sales and executive compensation.
On Aug. 3, 2021, the SEC charged Live Ventures, its CEO, its CFO, an LLC controlled by the CEO, and another Nevada-based public company with securities fraud. The SEC’s complaint alleges that Live Ventures and its CEO, Jon Isaac, recorded income from a backdated contract to boost Live Ventures’ pre-tax income for fiscal year 2016 by 20%. Live Ventures and Isaac also allegedly overstated earnings per share by 40% by improperly understating Live Ventures’ outstanding share count. In addition, the SEC claims Isaac hired a stock promoter to boost interest in Live Ventures.
The financial manipulation and stock promotion scheme caused Live Ventures’ share price to spike. Isaac then profited by secretly selling Live Ventures shares to a controlled company.
Finally, the SEC contends Live Ventures misrepresented the date it acquired a subsidiary from Appliance Recycling Centers of America to report positive net income, and that the company materially underreported Isaac’s compensation.
This news sent the price of Live Ventures shares crashing lower.
“We’re focused on investors’ losses and whether Live Ventures and senior management cooked the company’s books,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Live Ventures and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Live Ventures should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email LIVE@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895