NEW YORK–(BUSINESS WIRE)–Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Tivity Health Inc. (“Tivity Health” or the “Company”) (NASDAQ: TVTY) between March 8, 2019, and February 19, 2020 (the “Class Period”). The lawsuit filed in the United States District Court for the Middle District of Tennessee alleges violations of the Securities Exchange Act of 1934.
If you purchased Tivity Health securities, and/or would like to discuss your legal rights and options please visit Tivity Health Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) following the Nutrisystem Acquisition, Tivity Health’s Nutrition segment faced significant operational challenges; (ii) the foregoing would foreseeably have a significant impact on Tivity Health’s revenues; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On February 19, 2020, Tivity Health issued a press release announcing the Company’s financial results for the fourth quarter and year ended December 31, 2019. Tivity Health disclosed, inter alia, that its “Nutrition segment had a disappointing end to 2019,” which included “a non-cash impairment charge of $(377.1) million,” contributing to a net loss for the Company of $272.8 million in the fourth quarter. Concurrently, Tivity Health announced the resignation of the Company’s Chief Executive Officer (“CEO”) Donato Tramuto, effective immediately. Discussing the Company’s financial results on an earnings call, the Company’s interim CEO, Robert Greczyn, stated that “[a]dmittedly, the nutrition business has not worked out as well as planned since the completion of the [Nutrisystem Acquisition] in March 2019.
On this news, Tivity Health’s stock price fell $10.43 per share, or 45.49%, to close at $12.50 per share on February 20, 2020.
If you purchased Tivity Health securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/tivityhealthinc-tiv-shareholder-class-action-lawsuit-stock-fraud-255/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
If you wish to serve as lead plaintiff, you must move the Court no later than April 27, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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