The law firm of Kirby McInerney LLP is investigating potential claims against LivePerson, Inc. (“LivePerson” or the “Company”) (NASDAQ: LPSN). The investigation concerns whether LivePerson and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
LivePerson, Inc. provides technology that facilitates real-time sales and customer service for companies doing business on the Internet.
On March 15, 2023, LivePerson issued a press release announcing its fourth quarter 2022 financial results. Therein, the Company disclosed that WildHealth, the Company's subsidiary, received a notice that Medicare was suspending reimbursements for services rendered under the Medicare demonstration program pending further review. As a result, LivePerson elected to take a reserve for revenue associated with such services in the fourth quarter of 2022 for which payment has not yet been collected. The Company further disclosed that, had the Company recognized revenues associated with services delivered under the program during the fourth quarter of fiscal 2022, its revenue would have been within the previous guidance ranges for the fourth quarter and full year. On this news, the price of LivePerson shares declined by $5.64 per share, or approximately 57.72%, from $9.77 per share to close at $4.13 on March 15, 2023.