PHILADELPHIA, April 15, 2021 (GLOBE NEWSWIRE) — Kaskela Law LLC announces that it has opened a stockholder investigation into LifeMD, Inc. (“LifeMD” or the “Company”) (NASDAQ: LFMD) on behalf of the Company’s investors.
LifeMD investors who have suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by email at [email protected] or online at https://kaskelalaw.com/case/lifemd-inc/, for additional information about this investigation and their legal rights and options.
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 Culper report also alleged that several of LifeMD’s executives were previously 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.” According to the Culper report, “[a]t LifeMD, numerous customer reviews lead us to believe that the Company has implemented the same tactics. LifeMD touts its “recurring revenue” model yet we think much of the Company’s revenues are generated under false pretenses of ‘one-time purchases.’”
Following this news, shares of LifeMD’s common stock declined $2.84 per share, or nearly 25% in value, to close on April 14, 2021 at $9.00 per share, on heavy trading volume.
LifeMD investors who have suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC for additional information about this investigation and their legal rights and options.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
D. Seamus Kaskela, Esq.
KASKELA LAW LLC
18 Campus Boulevard, Suite 100
Newtown Square, PA 19073
(484) 258 – 1585
(888) 715 – 1740