GlobeNewswire Inc | Aug 21, 2021 11:04AM EDT

August 21, 2021

SAN FRANCISCO, Aug. 21, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Live Ventures Incorporated (NASDAQ: LIVE) investors with significant losses to submit your losses now.

Class Period: Dec. 28, 2016 ? Aug. 3, 2021Lead Plaintiff Deadline: Oct. 12, 2021Visit: www.hbsslaw.com/investor-fraud/LIVEContact An Attorney Now: LIVE@hbsslaw.com 844-916-0895

Live Ventures Incorporated (LIVE) Securities Fraud Class Action:

The Complaint alleges that Defendants misrepresented Lives financial performance, promotional activities, insider sales and executive compensation.

Specifically, Defendants (1) inflated Lives earnings per share for FY 2016 by more than 40% by using an artificially low share count; (2) overstated Lives pre-tax income for FY 2016 by 20% by prematurely recognizing income from future quarters; (3) misrepresented that Lives acquisition of ApplianceSmart closed during Q1 2017 so that the Company could appear profitable; and (4) concealed that between FY 2016 - FY 2018, Lives CEO received 94% more in compensation than reported.

On Aug. 3, 2021, the truth emerged when the SEC charged Live, its CEO, its CFO, and others with securities fraud. The SECs complaint alleges that Live and its CEO, Jon Isaac, recorded income from a backdated contract to boost Lives pre-tax income for FY 2016 by 20%. Live and Isaac also allegedly overstated earnings per share by 40% by improperly understating Lives outstanding share count. In addition, the SEC claims Isaac hired a stock promoter to boost interest in Live.

Finally, the SEC alleges Live Ventures misrepresented the date it acquired a subsidiary from Appliance Recycling Centers of America to report positive net income, and that the company materially underreported Isaacs compensation.

On this news, the Companys share price fell $29.08, or 46%, in a single trading day.

Were focused on investors losses and proving Lives senior management cooked the companys books, said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Live and have significant losses, or have knowledge that may assist the firms investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Live should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email LIVE@hbsslaw.com.

About Hagens BermanHagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact: Reed Kathrein, 844-916-0895