Did you lose money on investments in LivePerson? If so, please visit LivePerson, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, April 25, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of LivePerson, Inc. (“LivePerson” or the “Company”) (NASDAQ: LPSN) between May 10, 2022 and March 16, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Eastern District of New York and alleges violations of the Securities Exchange Act of 1934.
LivePerson delivers mobile and online messaging solutions through Conversational Artificial Intelligence (“AI”). Conversational AI operates through the Business and Consumer segments. The Business segment enables brands to leverage the intelligence engine of Conversational Cloud, the firm's enterprise-class cloud-based platform, to connect with consumers through an integrated suite of mobile and online business messaging technologies. The Consumer segment is involved in facilitating online transactions between independent service providers and individual consumers seeking information and knowledge for a fee via mobile and online messaging.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (1) LivePerson failed to address any material weaknesses with internal controls; (2) LivePerson’s 3Q22 financial statements failed to disclose that LivePerson’s subsidiary, WildHealth, was suspended from Medicare reimbursement; and (3) as a result, LivePerson’s fourth quarter 2022 revenue would be affected.
On February 28, 2023, before market hours, the Company 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 $1.69 per share, or 14.31%, to close at $10.12 per share on February 28, 2023.
Then on March 6, 2023, before market hours, the Company stated that it was unable to file its Form 10-K for the year ended December 31, 2022 within the prescribed time period because it required additional time to complete a review of revenue associated with a recently discontinued program of Wild Health.
On this news, LivePerson’s share price fell $0.78 per share to close at $10.69 per share on March 7, 2023.
Finally, on March 16, 2023, before market hours, the Company filed its 2022 Annual Report, which revealed that the Company’s internal controls over financial reporting were deficient as of December 31, 2022.
On this news, LivePerson’s share price fell $5.64 per share, or 57.73%, to close at $4.13 per share on March 16, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than June 23, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired LivePerson securities, and/or would like to discuss your legal rights and options please visit LivePerson, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
