Live Ventures Inc (LIVE) News & EventsLIVENews & EventsLive Ventures Inc

Live Ventures SEC Lawsuit Dismissed

Live Ventures announced that the United States District Court for the District of Nevada has dismissed all claims against the Company in the civil action filed by the SEC in 2021, ending a matter that began nearly nine years ago. The dismissal is complete: no judgment, no penalty, no admission and no findings of any kind against Live Ventures. The SEC opened its investigation in late 2017 and filed suit in August 2021. In February, the court denied the SEC's motion for summary judgment, and the case was headed to trial. After nearly nine years, tens of thousands of documents, and testimony from numerous witnesses, the SEC dismissed all claims against the company. Separately, as part of the overall resolution, CEO Jon Isaac agreed to the entry of a consent judgment resolving the claims against him individually, which includes a civil penalty of $175,000. "I deny the SEC's allegations - all of them," Isaac added. "I agreed to this resolution for one reason: it ends the case for everyone - for me and, more importantly, for the Company, which walks away with a complete dismissal. A $175,000 payment pales in comparison to what it would have cost to try this case to verdict, even though we had no doubt we would prevail. Settling does not mean I agree with a single word of the SEC's claims. It means nine years is enough, and my energy and this Company's resources are better spent building our businesses than paying legal fees."

Live Ventures Q1 Revenue at $108.5M

Reports Q1 revenue $108.5M vs $111.5M last year. "We are pleased with the continued operational progress during the quarter, which contributed to a $2.7 million, or 352.9%, increase in operating income compared with the prior-year period. These results were delivered despite sustained softness in new home construction and home refurbishment, which continued to weigh on our Retail-Flooring segment. In addition, we successfully refinanced one of our credit facilities in the Steel Manufacturing segment, strengthening our balance sheet and enhancing our ability to support future growth," commented David Verret, Chief Financial Officer of Live Ventures.

Live Ventures Unveils AI-Powered Logistics Strategy

Live Ventures highlighted the next phase of automation at its Flooring Liquidators subsidiary, unveiling an AI-powered logistics and autonomous material-handling strategy designed to dramatically increase warehouse throughput, reduce damage, and modernize physical distribution. Jon Isaac, President and CEO of Live Ventures, noted that automation and AI are becoming defining advantages across the company's portfolio. "From AI in marketing to robotics in manufacturing to autonomous logistics in retail, we are building systems designed for the AI era," Isaac said.