PR Newswire
LOS ANGELES, June 22, 2023
Shareholders with losses of $1,000,000 or more are encouraged to contact the firm.
LOS ANGELES, June 22, 2023 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Loyalty Ventures Inc. ("Loyalty Ventures" or the "Company") (OTC: LYLTQ).
Class Period: November 8, 2021 – June 7, 2022
Lead Plaintiff Deadline: June 26, 2023
If you wish to serve as lead plaintiff of the Loyalty Ventures lawsuit, you can submit your contact information at www.glancylaw.com/cases/Loyalty-Ventures-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On June 8, 2022, before the market opened, Loyalty Market announced that its Air Miles Reward Program segment and its Air Miles sponsor, Sobeys, were "unable to align on extension terms" and Sobeys would "exit the program on a region-by-region basis."
On this news, Loyalty Ventures's stock price fell $5.01, or 45.4%, to close at $6.02 per share on June 8, 2022, thereby injuring investors.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) the Air Miles program suffered from a lack of investment prior to the spinoff; (2) as a result, Sobeys had informed Defendants it was considering exercising its early termination rights; (3) the threat of Sobeys' departure loomed throughout 2021 including in the timeframe leading up to the spinoff; (4) Defendants expected the departure of any single large sponsor, such as Sobeys, would have "network effect" on the value of the entire Air Miles program; and (5) the high leverage and debt service obligations foisted upon Loyalty Ventures, in conjunction with the "network effect" impact on the value of the Air Miles business, threatened the Company's ability to continue operations; and (6) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE Glancy Prongay & Murray LLP
