RADNOR, Pa., July 27, 2015 /PRNewswire/ -- The law firm
of Kessler Topaz Meltzer & Check, LLP announces that a
shareholder class action has been filed against LifeLock, Inc.
(NYSE: LOCK) ("LifeLock" or the "Company") on behalf of purchasers
of the Company's securities between July 30, 2014 and July 20,
2015, inclusive (the "Class Period").
For additional information about this lawsuit, or to request
information about this action online, please visit
http://www.ktmc.com/new-cases/lifelock-inc.
LifeLock provides identity theft protection services for
consumers, and fraud and risk solutions for enterprises. In
2010, LifeLock entered into a settlement order with the Federal
Trade Commission ("FTC") and purportedly changed its marketing and
business practices in connection with that settlement.
The complaint alleges that, throughout the Class Period,
LifeLock and certain of its executive officers made a series of
false and/or misleading statements to investors, and failed to
disclose material adverse facts about the Company's business,
operations and prospects.
Specifically, the defendants are alleged to have made false
and/or misleading statements and/or failed to disclose, among other
things: (1) that the Company had failed to establish and maintain a
comprehensive information security program to protect its users'
sensitive personal data, including credit card, social security,
and bank account numbers; (2) that the Company falsely advertised
that it protected consumers' sensitive data with the same
high-level safeguards as financial institutions; (3) that the
Company failed to meet the 2010 settlement order's recordkeeping
requirements; and (4) that, as a result of the foregoing, the
Company's statements about its business, operations, and prospects,
were false and misleading and/or lacked a reasonable basis.
On July 21, 2015, the Company's
shares declined over 49%, or $7.91
per share, after the FTC "asserted that LifeLock violated a 2010
settlement with the agency and 35 state attorneys general by
continuing to make deceptive claims about its identity theft
protection services, and by failing to take steps required to
protect its users' data." According to the FTC, LifeLock violated
the 2010 settlement order "from at least October 2012 through March
2014."
If you wish to discuss this action or have any questions
concerning this notice or your rights or interests with respect to
these matters, please contact Kessler Topaz Meltzer & Check
(Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or
(610) 667 – 7706, or via e-mail at info@ktmc.com
Members of the class may, no later than
September 21, 2015,
petition the Court for appointment as a lead plaintiff of the
class. A lead plaintiff is a representative party who acts on
behalf of other class members in directing the litigation against
LifeLock. In order to be appointed as a lead plaintiff, the
Court must determine that the class member's claim is typical of
the claims of other class members, and that the class member will
adequately represent the class in the action. Your ability to share
in any recovery is not affected by the decision of whether or not
to serve as a lead plaintiff. Any member of the purported
class may move the court to serve as lead plaintiff through counsel
of their choice, or may choose to do nothing and remain an absent
class member.
Kessler Topaz Meltzer & Check prosecutes class actions in
state and federal courts throughout the country. Kessler
Topaz Meltzer & Check is a driving force behind corporate
governance reform, and has recovered billions of dollars on behalf
of institutional and individual investors from the United States and around the
world. The firm represents investors, consumers and
whistleblowers (private citizens who report fraudulent practices
against the government and share in the recovery of government
dollars). The complaint in this action was not filed by Kessler
Topaz Meltzer & Check. For more information about Kessler
Topaz Meltzer & Check, or for additional information about
participating in this action, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299 - 7706
(610) 667 - 7706
info@ktmc.com
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SOURCE Kessler Topaz Meltzer & Check, LLP