Boston, MA 27/06/2013 (wallstreetpr) – The company, LiveDeal Inc (NASDAQ:LIVE), has recently announced that it has finalized a settlement in Global Education Services, Inc. v. LiveDeal, Inc., et al, the class action lawsuit. On May 27, 2013, the final approval of the settlement occurred which marked the official end of the litigation. The dismissal of the lawsuit is still pending. The President and CEO of LiveDeal, Jon Isaac, said that the company was thrilled to reach a favorable settlement while it was believed that the allegations in the lawsuit were without any merit.
The lead plaintiff, Global Education Services, Inc., filed a complaint against LiveDeal Inc, on 6th June, 2008, when it challenged the disclosure practices of the company under its promotion, “activator check”. The company claimed specifically that LiveDeal did not inform its costumers adequately that if they cash “activator checks”, they would unknowingly be purchasing advertising services of the company. The company filed this complaint on the behalf of people living in Washington State, who paid for an activator check after 6th June, 2004. In October 2006, LiveDeal Inc discontinued this promotional program.
Now, the companies have mutually agreed to the settlement. The lawsuit was certified for the settlement purposes only on some conditions, without concession by either of the companies as to legal propriety of class certification. The company provides various marketing solutions that increase the awareness of the customers and visibility of the merchant on Internet. It has recently launched two business lines after re-evaluating products, sales program and vendor programs of the company, under new management.
LiveDeal Inc (NASDAQ:LIVE) closed at $2.99 after moving up by 8.16% (or $0.24) upwards. The intra-day trading of the stock ranged from $2.92 to $3.25. The market capitalization of the company is $10.47 million.
