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A Class Action Lawsuit Filed against LifeLock
Class action lawsuit has been filed against LifeLock, Inc. by Gainey McKenna and Egleston, according to Globe Newswire. The lawsuit was filed in the United States District Court for the District of Arizona on behalf of persons and entities who bought LifeLock securities between July 30, 2014 through July 20, 2015 (Class period).
The complaint brings accusations, that throughout the Class period:
- The Company was unable to create and keep up a complete information security program to protect its customers sensitive personal information, including credit card, social security, and bank account numbers;
- The Company falsely advertised that it protected users personal data with the same advanced safeguards as financial institutions;
- The Company was unable to meet the FTCs 2010 settlement orders recordkeeping requirements; and
- The Company statements about its business, operations, and prospects, were fake and delusive and/or lacked a reasonable basis.
LifeLock shareholders may, no later than September 21, 2015, move the Court for appointment as a lead plaintiff of the Class.
LifeLock provides identity theft protection services for consumers and fraud and risk solutions for enterprises. LifeLock’s threat detection, proactive identity alerts, and comprehensive remediation services purportedly provide peace of mind for consumers amid the growing threat of identity theft. In 2010 the Company entered into a settlement order with the Federal Trade Commission (“FTC”) and purportedly changed its marketing and business practices in connection with this settlement.
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