LivePerson, Inc. Class Action Lawsuit - LPSN

15 days left to seek lead plaintiff status

Case Summary

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The LivePerson class action lawsuit seeks to represent purchasers or acquirers of LivePerson, Inc. (NASDAQ: LPSN) publicly traded securities between May 10, 2022 and March 16, 2023, inclusive (the “Class Period”).  Captioned Straub v. LivePerson, Inc., No. 23-cv-03078 (E.D.N.Y.), the LivePerson class action lawsuit charges LivePerson and certain of its top executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the LivePerson class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the LivePerson class action lawsuit must be filed with the court no later than June 23, 2023.

CASE ALLEGATIONS: LivePerson delivers mobile and online messaging solutions through Conversation Artificial Intelligence.  In 2022, LivePerson completed its acquisition of WildHealth, Inc. which purports to “analyze [patients’] DNA, biometrics, and lifestyle activity to provide a blueprint for maximizing [patients’] health span.”

The LivePerson class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) LivePerson failed to address any material weaknesses with internal controls; (ii) LivePerson’s third quarter financial statements, ended in September 30, 2022, failed to disclose WildHealth’s suspension of Medicare reimbursement; and (iii) as a result, LivePerson’s fourth quarter 2022 revenue would be affected.

On February 28, 2023, LivePerson announced that it would be unable to timely file its annual report.  LivePerson further revealed that Medicare reimbursement was suspended with respect to a recently discontinued WildHealth program.  On this news, the price of LivePerson stock declined more than 14%.

Then, on March 6, 2023, LivePerson announced that a “review of WildHealth revenue 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.”  On this news, the price of LivePerson stock declined further.

Finally, on March 16, 2023, LivePerson reported that “due to certain control deficiencies which aggregated to a material weakness in [LivePerson’s] internal control over financial reporting . . . [LivePerson’s] disclosure controls and procedures were not effective as of December 31, 2022.”  On this news, the price of LivePerson stock declined more than 57%, further damaging investors. 

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired LivePerson publicly traded securities during the Class Period to seek appointment as lead plaintiff of the LivePerson class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the LivePerson class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the LivePerson class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the LivePerson class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list.  And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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