LifeLock Investors Seek OK Of $20M Securities Deal
Law360 (April 3, 2020, 9:01 PM EDT) -- A group of shareholders asked an Arizona federal judge Friday to give his blessing to a $20 million settlement to resolve claims that the identity protection service LifeLock Inc. misled investors about the impending fallout from its violation of a Federal Trade Commission settlement.
The investors, led by two Oklahoma state pension funds, are seeking preliminary approval of the multimillion-dollar cash settlement to end their proposed class action alleging that LifeLock wrongfully glossed over delayed security alerts sent to customers and deceived investors by downplaying an FTC probe into the company’s lack of compliance with a previous $11 million false advertising...
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