Live Ventures Incorporated
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It is alleged in this complaint that Live made misleading and/or false statements and/or failed to disclose: (1) that Live’s earnings per share for fiscal year 2016 was, in reality, only $6.33 per share; (2) that Live used an artificially low share count in order to boost the earnings per share by 40%; (3) that Live had overstated it’s pre-tax income for the fiscal year 2016 by 20%, by including $915,500 of ‘other income’ related to certain amendments that had not been negotiated until after the close of the fiscal year; (4) that Live’s acquisition of ApplianceSmart did not close within the first quarter 2017; (5) that using an ‘acquisition date’ of December 30, 2017 and recognizing income therefrom did not conform to generally accepted accounting principles; (6) that, by falsely stating that the acquisition closed during the first quarter 2017, Live recognized bargain purchase gain, enabling the Company to report positive net income in what would otherwise have been an unprofitable quarter; (7) that between fiscal year 2016 and fiscal year 2018, Live’s CEO received approximately 94% more in compensation than had been disclosed to investors; and (8) Live’s statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times, as a result.