|By PR Newswire||
|March 5, 2014 02:46 PM EST||
SAN DIEGO and TEMPE, Ariz., March 5, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of LifeLock, Inc. (NYSE: LOCK) has filed a federal securities fraud class action complaint in the U.S. District Court for the District of Arizona. The complaint alleges that the company and certain of its officers and directors violated the Securities and Exchange Act of 1934 between February 26, 2013 and February 29, 2014 (the "Class Period"). LifeLock provides identity theft protection services for consumers and fraud and risk solutions for enterprises in the United States
LifeLock Is Accused of Violating Federal Trade Commission Settlement Order
According to the complaint, shares of LifeLock fell $1.47 per share, or over 6%, to close at $20.32 on February 24, 2014, following the publication of an article highlighting a pending Federal Trade Commission investigation into the company. Specifically, the article concerned a January 17, 2014 meeting between the company and the FTC regarding a whistleblower's allegations that LifeLock violated the terms of a March 2010 settlement order the company reached with the FTC. The March 2010 settlement order resulted from allegations that LifeLock's advertising and marketing practices constituted deceptive acts in violation of the FTC Act.
The complaint further alleges that LifeLock made materially false and/or misleading statements regarding the company's business, operational, and compliance policies and/or failed to disclose that: (i) the Company's marketing and advertising practices violated applicable government rules and regulations; (ii) the Company was in direct violation of the March 2010 settlement order; and (iii) LifeLock earned revenues in violation of the settlement order and FTC Act. As a result, LifeLock's financial statements were materially false and misleading throughout the Class Period.
LifeLock Shareholders Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo
If you invested in LifeLock and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, [email protected], or via the information form on the firm's shareholder rights blog: www.robbinsarroyo.com/shareholders-rights-blog/lifelock-inc
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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SOURCE Robbins Arroyo LLP