| Company: | LifeLock, Inc |
| Ticker Symbol: | NYSE: LOCK |
| Class Period: | Jul-30-14 to Jul-20-15 |
| Date Filed: | Jul-20-15 |
| Lead Plaintiff Deadline: | Sep-18-15 |
| Court: | ---- |
| Allegations: | |
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 acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
