Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, April 28, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Loyalty Ventures Inc. (OTC: LYLTQ) investors that a lawsuit filed on behalf of investors that purchased Loyalty securities between November 8, 2021 and June 7, 2022, inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The lawsuit alleges that the defendants either misled or failed to disclose crucial information to investors. The allegations include that: (1) the Air Miles program was underfunded prior to the spinoff, (2) Sobeys had informed the defendants about its plans to exercise early termination rights, (3) the threat of Sobeys' departure was present in 2021 leading up to the spinoff, (4) the exit of any large sponsor, such as Sobeys, would have a "network effect" on the value of the entire Air Miles program, (5) the high leverage and debt obligations of Loyalty Ventures, combined with the impact of the "network effect," posed a threat to the company's operations, and (6) as a result, the defendants' positive statements about the Company's financial guidance, business, operations, and prospects were false and misleading or lacked a reasonable basis at all times relevant. The lawsuit claims that investors suffered damages when the truth was eventually revealed.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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