The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired LifeMD, Inc (“LifeMD” or the “Company”) (NASDAQ: LFMD) securities during the period from January 19, 2021 through April 13, 2021 (the “Class Period”). Investors have until June 15, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On April 14, 2021, Culper Research issued a report alleging that "LifeMD appears to use unlicensed doctors to dispense OTC medications, has implemented an autoshipping/autobilling scheme, failed to honor guarantees, and put in place abusive telemarketing practices." The report also alleged that several of the Company's executives were involved in "wide ranging fraud" at Redwood Scientific, which was charged by the U.S. Federal Trade Commission for "unlawful autoshipping, abusive telemarketing, and false claims." Specifically, according to Culper Research, "many customers are effectively duped into purchasing subscriptions rather than one-time purchases" and LifeMD "makes cancellations difficult if not impossible." On this news, the Company's share price fell $2.84, or 24%, to close at $9.00 per share on April 14, 2021, on unusually heavy trading volume.
If you acquired LifeMD securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.