July 21, 2015 - The court granted the defendants' motion to dismiss.
January 30, 2015 - A motion to dismiss the second amended consolidated complaint was filed.
January 16, 2015 - A second amended consolidated complaint was filed.
December 17, 2014 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.
September 15, 2014 - A motion to dismiss the amended consolidated complaint was filed.
August 15, 2014 - An amended consolidated complaint was filed.
March 3, 2014 - An investor in shares of Lifelock Inc (NYSE: LOCK) filed a lawsuit in the U.S. District Court for the District of Arizona against Lifelock Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 26, 2013 and February 19, 2014.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Lifelock Inc (NYSE: LOCK) between February 26, 2013 and February 19, 2014, that Lifelock Inc and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
On March 8, 2010, the Federal Trade Commission ( FTC ) filed a complaint against the Company and Defendant Todd Davis, alleging amongst other things, that the Company issued dramatically misleading advertisements and guarantees to customers regarding its identity theft protection services. More specifically, the plaintiff claims that the defendants made allegedly false and/or misleading statements and/or failed to disclose that Lifelock Inc’s marketing and advertising practices were in direct violation of applicable government rules and regulations, that Lifelock Inc was in direct violation of the Settlement Order, that Lifelock Inc’s revenues were earned through violations of the FTC Act and the Settlement Order, and that as a result of the above, Lifelock Inc's financial statements were materially false and misleading at all relevant times. Lifelock Inc reported that its annual Total Revenue rose from $162.28 million in 2010 to $369.66 million in 2013 and that its Net Loss of $15.38 million in 2010 turned into a Net Income of $52.45 million in 2013.
Shares of Lifelock Inc (NYSE: LOCK) grew from $7.02 per share in October 2012 to as high $22.717 per share on February 19, 2014. Then the company announced in a Securities and Exchange Commission filing, that the Federal Trade Commission (“FTC”) has started an investigation into the company's advertising and marketing practices in connection with Lifelock Inc's alleged misrepresentations in the advertising and marketing of its identity theft protection services. The company had previously entered into a stipulated order with the FTC over its deceptive marketing practices, and the current investigation involves new allegations by a whistleblower.
Shares of Lifelock Inc (NYSE: LOCK) declined to $18.43 per share on March 3, 2014.