Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired LivePerson, Inc. (NASDAQ: LPSN) securities between May 10, 2022 and March 16, 2023. LivePerson, Inc. delivers mobile and online messaging solutions through Conversational Artificial Intelligence (“AI”).
What is this Case About: LivePerson, Inc. (LPSN) Misled Investors Regarding its Internal Control Over Financial Reporting
According to the complaint, during the class period, defendants failed to disclose that: (1) LivePerson failed to address any material weaknesses with internal controls; (2) LivePerson’s third quarter financial statements, ended in September 30, 2022 failed to disclose it subsidiary WildHealth’s suspension of Medicare reimbursement; and, (3) as a result, LivePerson’s fourth quarter 2022 revenue would be affected.
On February 28, 2023, LivePerson issued a Notification of Late Filing on Form 12b-25 regarding its Annual Report on Form 10-K for the year ended December 31, 2022. On this news, LivePerson's share price fell 14.31%, to close at $10.12 per share on February 28, 2023.
On March 15, 2023, after market hours, LivePerson announced its fourth quarter financial results. The next day, the Company filed with the SEC its 2022 Annual Report on Form 10-K for the year ended December 31, 2022, which revealed material weaknesses regarding the Company's internal controls in connection with its acquisition of WildHealth. On this news, the Company's share price fell $5.64 per share, or 57.73%, to close at $4.13 per share on March 16, 2023.
What Now: Similarly situated shareholders may be eligible to participate in the class action against LivePerson. Shareholders who want to act as lead plaintiff for the class must file their papers by June 23, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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