SAN FRANCISCO, CA / ACCESSWIRE / December 18, 2023 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in LivePerson, Inc. ("LivePerson" or the "Company") who suffered losses from purchasing LivePerson securities (NASDAQ:LPSN) between May 10, 2022 and March 16, 2023 to contact us immediately regarding pending securities fraud class action against LivePerson. The deadline to apply to be a lead plaintiff is January 30, 2024.
Class Period: May 10, 2022 - March 16, 2023
Lead Plaintiff Motion Deadline: January 30, 2024
Case information:lieffcabraser.com/securities/liveperson
Contact us: Email or text investorinfo@lchb.com or call 1-800-541-7358
LivePerson, incorporated in Delaware and headquartered in New York, New York, provides conversational mobile and online messaging services to customers. WildHealth is a subsidiary of LivePerson. WildHealth uses algorithms to analyze patients' genetics and biometrics to provide healthcare advice.
The action alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) LivePerson had material weaknesses with its internal controls that it failed to address; (2) Medicare reimbursement for WildHealth had been suspended before September 30, 2022; and (3) as a result, LivePerson's revenue attributable to WildHealth's participation in a Medicare demonstration program for the fourth quarter of 2022 was going to be negatively affected.
On February 28, 2023, before market hours, LivePerson announced that it would be unable to file its annual report on Form 10-K with the Securities and Exchange Commission on time. On this news, the price of LivePerson stock fell $1.69 per share, or 14.31%, to close at $10.12 per share on February 28, 2023.
On March 6, 2023, before market hours, the Company disclosed that it was reviewing WildHealth's revenue. The Company further disclosed that it anticipated that its review of WildHealth's revenue would affect the Company's revenue because WildHealth had been suspended from participating in the Medicare reimbursement program in November 2022. On this news, the price of LivePerson stock fell $0.78 per share, or 6.8%, to close at $10.69 on March 7, 2023.
On March 15, 2023, after market hours, the Company announced its financial results for the fourth quarter of 2022. The Company disclosed that its total revenue for the fourth quarter decreased by 1% year-over-year. The Company also disclosed that "due to certain control deficiencies," as of December 31, 2022, the Company's internal controls over financial reporting were not effective, and that "[t]he control deficiencies, which in aggregate constitute a material weakness," were discovered during the Company's review of certain transactions related to its subsidiary WildHealth. On this news, the price of LivePerson stock fell $5.64, or 57.73%, to close at $4.13 per share on March 16, 2023.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a "Plaintiffs' Powerhouse" by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.
Contact
Sharon Lee
Lieff Cabraser Heimann & Bernstein, LLP
415 956-1000
slee@lchb.com
SOURCE: Lieff Cabraser Heimann & Bernstein, LLP
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