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LAS VEGAS, Dec. 06, 2017 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq:LIVE), a diversified holding company, today announced that the plaintiff voluntarily dismissed the securities class action lawsuit against the company following the company’s filing of a motion that the case be dismissed because it lacked a valid legal and factual basis.
No fees or settlements or other form of payments were made to the plaintiff in connection with this dismissal whatsoever.
The plaintiff based their complaint on allegations that were cut and pasted from what the company believes is a bogus internet article. The company’s motion to dismiss showed, among other things, that
- the statements of the company alleged to be false by the plaintiff were in fact all true,
- the company did not engage in any unlawful activity to promote its stock,
- our CEO, Jon Isaac, purchased many shares of the company’s stock on the open market during the time when the plaintiff alleged that the company was promoting its stock (if the company had been promoting its stock, one would expect the CEO to have sold, not bought, during this period),
- the company did not pay the stock analyst discussed in the internet article to promote or provide coverage of the company, and
- the company did not author the statements made by that analyst and, therefore, cannot be liable for those statements.
“This is a great victory for the company. We have been confident from the outset that plaintiff’s case was without merit, and plaintiff’s voluntary dismissal of this baseless lawsuit validates our position,” said Jon Isaac, Live Ventures’ President and Chief Executive Officer.
Live Ventures and the other named defendants are represented by Doug Greene of Lane Powell PC. The class action lawsuit referenced was filed on May 5, 2017 in the United States District Court for the District of Nevada (case no. 2:17-cv-01258-RFB-GWF).
About Live Ventures Incorporated
Live Ventures Incorporated is a diversified holding company with several wholly owned subsidiaries and a strategic focus on acquiring profitable companies that have demonstrated a strong history of earnings power. Live Ventures Incorporated provides, among other businesses, marketing solutions that boost customer awareness and merchant visibility on the Internet. The company operates a deal engine, which is a service that connects merchants and consumers via an innovative platform that uses geo-location, enabling businesses to communicate real-time and instant offers to nearby consumers. Through its subsidiary, Marquis Industries, the company operates as a specialty, high-performance yarns manufacturer and hard-surfaces re-seller. Marquis Industries, which is a top-10 high-end residential carpet manufacturer in the United States, utilizes its state-of-the-art yarn extrusion capacity to market monofilament textured yarn products to the artificial turf industry. Marquis is the only manufacturer in the world that can produce certain types of yarn prized by the industry. Through its subsidiary Vintage Stock, Inc., an award-winning entertainment company, the company is a retailer of movies, classic and new video games, music, collectible comics and toys. Vintage Stock has the ability to special order and ship product worldwide to the customer’s doorstep.
Live Ventures Incorporated
Tim Matula, investor relations