LifeLock, Inc. investors may receive additional information about the case by clicking the link "Join this Class Action" above.
LifeLock provides identity theft protection services for consumers, and fraud and risk solutions for enterprises. In 2010, LifeLock entered into a settlement order with the Federal Trade Commission (“FTC”) and purportedly changed its marketing and business practices in connection with that settlement.
The complaint alleges that, throughout the Class Period, LifeLock and certain of its executive officers made a series of false and/or misleading statements to investors, and failed to disclose material adverse facts about the Company’s business, operations and prospects.
Specifically, the defendants are alleged to have made false and/or misleading statements and/or failed to disclose, among other things: (1) that the Company had failed to establish and maintain a comprehensive information security program to protect its users’ sensitive personal data, including credit card, social security, and bank account numbers; (2) that the Company falsely advertised that it protected consumers’ sensitive data with the same high-level safeguards as financial institutions; (3) that the Company failed to meet the 2010 settlement order’s recordkeeping requirements; and (4) that, as a result of the foregoing, the Company’s statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On July 21, 2015, the Company’s shares declined over 49%, or $7.91 per share, after the FTC “asserted that LifeLock violated a 2010 settlement with the agency and 35 state attorneys general by continuing to make deceptive claims about its identity theft protection services, and by failing to take steps required to protect its users’ data.” According to the FTC, LifeLock violated the 2010 settlement order “from at least October 2012 through March 2014.”
If you are a member of the class described above, you may no later than September 21, 2015, move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706