NEW YORK, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of investors who purchased or otherwise acquired LivePerson, Inc. (“LivePerson” or the “Company”) (NASDAQ: LPSN) securities between May 10, 2022 and March 16, 2023, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired LivePerson securities during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than January 30, 2024 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
On February 28, 2023, LivePerson filed a Notification of Late Filing on Form 12b-25 stating it was unable to file its Form 10-K for the year ended December 31, 2022 within the prescribed time period without unreasonable effort or expense because it required additional time to complete a review and testing of revenue recognition associated with a recently discontinued program of its subsidiary WildHealth (the “Program”), and to complete its in-process review of internal controls and procedures. Following this news, LivePerson’s shares declined $1.69 per share, about 14.3%, to close at $10.12 per share on February 28, 2023.
On March 6, 2023, LivePerson disclosed in an SEC filing that its review of WildHealth “is anticipated to affect fourth quarter 2022 revenue attributable to WildHealth’s participation in a Medicare demonstration program, due to suspension in November 2022 of Medicare reimbursements under the program and pending further governmental review.” [Emphasis added.] Following this news, LivePerson shares declined more than 21% over the next six trading days to close at $9.02 per share on March 13, 2023.
Then, on March 15, 2023, after market, LivePerson issued a press release reporting its fourth quarter 2022 financial results, including a revenue decline and a revenue miss for the fourth quarter. Further, the Company disclosed that “[w]hile the Company currently believes that the services rendered under the Program in the fourth quarter of 2022 were valid, in view of the inherent uncertainty as to the timing and amount of further reimbursement for services rendered under the Program, the Company has elected to take a reserve for revenue associated with services delivered under the Program in the fourth quarter of 2022 for which payment has not been collected.”
Further, on March 16, 2023, before the market opened, the Company filed its 2022 Annual Report on Form 10-K revealing management had identified deficiencies in the Company’s internal control over financial reporting “which in aggregate constitute a material weakness. . . .”
Following this news, LivePerson shares fell $5.64 per share, or 57.73%, to close at $4.13 per share on March 16, 2023.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
