Class Action Lawsuit on Behalf of LifeLock, Inc. Investors
LifeLock, Inc. Lawsuit Details
Gilman Law LLP has announced that on July 22, 2015 a federal securities class action lawsuit was filed on behalf of purchasers of LifeLock, Inc. (NASDAQ: LOCK) common stock between July 30, 2014 and July 20, 2015. The complaint alleges false and/or misleading statements made by the company in which it stated they were in compliance with a 2010 settlement with the Federal Trade Commission (“FTC”) regarding the company’s advertising and its business and services explaining the violations subject to the 2010 settlement were based on past practices and technology. The plaintiff states the company was not in compliance with the FTC settlement, nor did the technology match up to what the company claimed in its advertising. On July 21, 2015, the FTC issued a press release stating LifeLock violated the 2010 settlement with the agency and 35 state attorneys general by continuing to falsely advertise its identity theft protection services and not taking steps required to protect its customer’s data. On this news, LifeLock shares declined $7.91 per share, nearly 50%, to close on July 21, 2014 at $8.15 per share.
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