LIFELOCK INVESTORS ALERT: Lieff Cabraser Announces Securities Class Action Litigation – LOCK
29 Juli 2015 - 9:03PM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that class action litigation has been brought on behalf
of investors who purchased or otherwise acquired the securities of
LifeLock, Inc. (“LifeLock” or the “Company”) (NYSE: LOCK) between
July 30, 2014 and July 20, 2015, inclusive (the “Class
Period”).
If you purchased or otherwise acquired LifeLock securities
during the Class Period, you may move the Court for appointment as
lead plaintiff by no later than September 21, 2015. A lead
plaintiff is a representative party who acts on behalf of other
class members in directing the litigation. Your share of any
recovery in the action will not be affected by your decision of
whether to seek appointment as lead plaintiff. You may retain Lieff
Cabraser, or other attorneys, as your counsel in the action.
LifeLock investors who wish to learn more about the action and
how to seek appointment as lead plaintiff should click here or
contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
Background on the LifeLock Securities
Class Litigation
The action charges LifeLock and certain of is senior executives
with violations of Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934. LifeLock purports to provide identity theft
protection services for consumers and fraud and risk solutions for
enterprises.
The action alleges that, throughout the Class Period, defendants
made false and/or misleading statements and failed to disclose to
investors: (1) that LifeLock 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 LifeLock falsely advertised that
it protected consumers’ sensitive data with the same high-level
safeguards as financial institutions; (3) that LifeLock failed to
meet recordkeeping requirements of its 2010 settlement with the
Federal Trade Commission (“FTC”) and 35 state attorneys general
concerning LifeLock’s allegedly deceptive claims about its business
and services; and (4) that, as a result of the foregoing,
LifeLock’s statements about its business, operations, and
prospects, were false and misleading and/or lacked a reasonable
basis.
On July 21, 2015, the FTC announced that LifeLock had violated
the 2010 settlement by “continuing to make deceptive claims about
its identity theft protection services, and by failing to take
steps required to protect its users’ data.” On this news, the price
of LifeLock common stock dropped $7.91 per share, or nearly 50%,
from its closing price on the previous trading day, to close at
$8.15 per share on July 21, 2015, on extremely heavy trading
volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, and Nashville, is a nationally recognized law
firm committed to advancing the rights of investors and promoting
corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for twelve years. In
compiling the list, the National Law Journal examines recent
verdicts and settlements and looked for firms “representing the
best qualities of the plaintiffs' bar and that demonstrated unusual
dedication and creativity.” Best Lawyers and U.S. News have also
named Lieff Cabraser as a “Law Firm of the Year” each year the
publications have given this award to law firms, including in
2015.
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150729005380/en/
Source/Contact for Media Inquiries
Only:Lieff Cabraser Heimann & Bernstein, LLPSharon M.
Lee, 1-800-541-7358
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