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July 21, 2020 - The court granted final approval of the settlement.
April 3, 2020 - A stipulation of settlement was filed by the parties.
August 29, 2019 - The Court of Appeals affirmed in part and reversed in part the decision of the court.
September 19, 2017 - A notice of appeal was filed.
August 21, 2017 - The court granted defendants' motion to dismiss with prejudice.
December 16, 2016 - A motion to dismiss the second amended complaint was filed.
October 14, 2016 - A second amended complaint was filed.
August 3, 2016 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.
December 10, 2015 - An amended complaint was filed.
July 22, 2015 - An investor in shares of Lifelock Inc (NYSE: LOCK) filed a lawsuit in the U.S. District Court for the District of Arizona over alleged violations of Federal Securities Laws by Lifelock Inc in connection with certain allegedly false and misleading statements made between July 30, 2014 and July 20, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of Lifelock Inc (NYSE: LOCK) common shares between July 30, 2014 and July 20, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 30, 2014 and July 20, 2015 defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose, among others that Lifelock Inc 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, that Lifelock Inc falsely advertised that it protected consumers' sensitive data with the same high-level safeguards as financial institutions, that Lifelock Inc failed to meet the 2010 settlement order's recordkeeping requirements, and that, as a result of the foregoing, Lifelock Inc’s statements about its business, operations, and prospects, were allegedly false and misleading and/or lacked a reasonable basis.
In 2010 Lifelock Inc entered into a settlement order with the Federal Trade Commission ( FTC ) and purportedly changed its marketing and business practices in connection with this settlement. Lifelock Inc reported that its annual Total Revenue rose from $193.95 million in 2011 to $369.66 million in 2013 and that its Net Loss of $4.26 million in 2011 turned into a Net Income of $54.45 million in 2013. Shares of Lifelock Inc (NYSE: LOCK) grew from $7.00 per share in October 2012 to as high as $21.90 per share in early 2014. Lifelock Inc reported that its annual Total Revenue rose from $369.66 million in 2013 to $476.02 million in 2014 while its Net Income declined from $54.45 million in 2013 to $2.50 million in 2014.
In documents filed with the U.S. District Court for the District of Arizona, the FTC charged that LifeLock Inc failed to live up to its obligations under the 2010 settlement, and asked the court to impose an order requiring LifeLock Inc to provide full redress to all consumers affected by the company’s order violations. FTC Director of the FTC’s Bureau of Consumer Protection further stated that, “It is essential that companies live up to their obligations under orders obtained by the FTC. If a company continues with practices that violate orders and harm consumers, we will act.”
Shares of Lifelock Inc (NYSE: LOCK) declined to as low as $7.70 per share on July 24, 2015.