LAS VEGAS, Dec. 07, 2017 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq:LIVE), a diversified holding company, today announced that the plaintiff voluntarily dismissed the alleged shareholder derivative lawsuit, following the voluntary dismissal of a related alleged securities class action lawsuit in the same court. This disposes of all current litigation against the company.
No fees, settlements, or any other form of payments were made to the plaintiff in connection with this dismissal.
As Live Ventures previously announced on December 6, the plaintiff in the related securities class action voluntarily dismissed that suit just a few days after the company filed a motion asking for the securities class action to be dismissed because it lacked a valid legal and factual basis. Shortly thereafter, the plaintiff in the shareholder derivative suit agreed to voluntarily dismiss that case as well.
Both complaints were based on the same set of allegations cut and pasted from what the company believes was a self-serving and baseless blog post. The company's motion to dismiss the alleged securities class action demonstrated the legal insufficiency of the allegations on which both lawsuits relied, and thus paved the way for both dismissals.
"This is great news for the company. We strongly believed from the beginning that both cases were without merit, and these voluntary dismissals have vindicated that belief," said Jon Isaac, Live Ventures' President and Chief Executive Officer. "We are very pleased to put these lawsuits behind us as we move forward into what we think will be a terrific new year for the company."
Live Ventures and the other named defendants were represented by Doug Greene of Lane Powell PC in both lawsuits. The shareholder derivative lawsuit referenced above was filed on June 12, 2017 in the United States District Court for the District of Nevada (Case No. 2:17-cv-1632-KJD-VCF). The class action lawsuit was filed on May 5, 2017 in the same court (Case No. 2:17-cv-01258-RFB-GWF).
About Live Ventures Incorporated
Live Ventures Incorporated is a diversified holding company with several wholly owned subsidiaries and a strategic focus on acquiring profitable companies that have demonstrated a strong history of earnings power. Live Ventures Incorporated provides, among other businesses, marketing solutions that boost customer awareness and merchant visibility on the Internet. The company operates a deal engine, which is a service that connects merchants and consumers via an innovative platform that uses geo-location, enabling businesses to communicate real-time and instant offers to nearby consumers. Through its subsidiary, Marquis Industries, the company operates as a specialty, high-performance yarns manufacturer and hard-surfaces re-seller. Marquis Industries, which is a top-10 high-end residential carpet manufacturer in the United States, utilizes its state-of-the-art yarn extrusion capacity to market monofilament textured yarn products to the artificial turf industry. Marquis is the only manufacturer in the world that can produce certain types of yarn prized by the industry. Through its subsidiary Vintage Stock, Inc., an award-winning entertainment company, the company is a retailer of movies, classic and new video games, music, collectible comics and toys. Vintage Stock has the ability to special order and ship product worldwide to the customer's doorstep.
Live Ventures Incorporated
Tim Matula, investor relations
Source: Live Ventures Incorporated