Keith Kolish, a Live Ventures Inc. shareholder, voluntarily dismissed the securities class-action lawsuit filed against the company.
The suit filed in the U.S. District Court for the District of Nevada was dismissed after the company filed a motion that the case be dismissed because it lacked a valid legal and factual basis, according to a Dec. 6 news release. No fees or settlements or other form of payments were made to the plaintiff in connection with this dismissal.
In the motion, the company claimed that it did not engage in any unlawful activity to promote its stock, the company did not pay the stock analyst discussed in the internet article cited in the suit to promote or provide coverage of the company, and the company did not author the statements made by that analyst.
Kolish had sued the company, its CEO Jon Isaac and CFO Virland Johnson over the alleged violation of the federal securities laws.