According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- the Company engaged in the improper identification and elimination of intercompany transactions;
- the Company used incorrect estimates for chargeback reserves for finance and insurance products;
- the Company had misclassified certain items in its financial statements which impacting balance sheet and income statement financial statement captions;
- there were material weaknesses in LMP’s internal control over financial reporting;
- as a result of the foregoing, the Company overstated its revenue;
- as a result of the foregoing, the Company would restate certain of its previously issued financial statements and results; and
- as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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