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LAWSUIT ALERT: The Law Firm of Andrews & Springer LLC Announces That a Securities Fraud Class Action Has Been Filed Against LifeLock, Inc. - LOCK

20:00 EDT 26 Jul 2015 | Globe Newswire

WILMINGTON, Del., July 27, 2015 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a securities fraud class action lawsuit has been filed by another law firm in the U.S. District Court, District of Arizona, on behalf of investors of LifeLock, Inc. (NYSE:LOCK) (“LifeLock” or the “Company”) for corporate misconduct and violations of securities laws.

A copy of the complaint is available from Andrews & Springer LLC. If you currently own shares of LifeLock and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/lifelock-securities-class-action or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. 

On July 21, 2015, the U.S. Federal Trade Commission (“FTC”) announced that four (4) years after LifeLock paid an eight-figure settlement related to false claims in its advertising, the FTC said LifeLock still had not set up a comprehensive program to protect sensitive data like credit card numbers, Social Security numbers and bank account numbers. The agency also said that LifeLock didn't keep records it had agreed to maintain and falsely advertised that consumers' data received the same level of protection as financial institutions get and that consumers would be alerted as soon as the company discovered a potential problem.

As a result of the announcement, LifeLock’s stock price fell 49% (and closed at $8.15 per share) on high volume, causing millions in investor losses.   

On July 22, 2015, a LifeLock shareholder represented by another law firm filed a class action complaint against LifeLock for securities fraud.  The complaint was filed in the United States District Court, District of Arizona, Case No. 2:15-cv-01398.

According to the lawsuit, LifeLock made false and misleading statements and/or failed to disclose that: (1) the Company had failed to create and sustain a complete information security program to guard its users sensitive personal data, including credit card, social security, and bank account numbers; (2) the Company falsely advertised that it shielded customers personal information with the same sophisticated safeguards as financial institutions; (3) the Company failed to meet the FTCs 2010 settlement orders recordkeeping requirements; and (4) consequently, the Company’s statements about its business, operations, and prospects, were false and deceptive and/or lacked a reasonable basis.

If you currently own shares of LifeLock and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/lifelock-securities-class-action or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates. 

Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising. 

Contact: Craig J. Springer, Esq.
              cspringer@andrewsspringer.com
              Toll Free: 1-800-423-6013
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