The law firm of Kirby McInerney LLP is investigating potential claims against Loyalty Ventures Inc. (“Loyalty Ventures” or the “Company”) (NASDAQ: LYLT). The investigation concerns whether Loyalty Ventures has violated the federal securities laws and/or engaged in other unlawful business practices.
Loyalty Ventures provides consumer loyalty solutions. The Company owns and operates the AIR MILES Reward Program, an end-to-end loyalty platform; and BrandLoyalty, a campaign-based loyalty solution for grocers and other high-frequency retailers.
On November 5, 2021, Loyalty Ventures became a publicly-traded company after its separation from Alliance Data Systems Corporation.
On June 8, 2022, the Company disclosed that its AIR MILES Reward Program segment and AIR MILES’ Sponsor, Sobeys were unable to align on extension terms; consequently, Sobeys provided notice of its intent to exit the program on a region-by-region basis, beginning with Atlantic Canada, between August and the first quarter of 2023. The Company stated, “Given the uncertainty related to the timing of the transition of Sobeys’ additional regions and the currency and program timing issues often associated with its BrandLoyalty business, Loyalty Ventures will re-evaluate its 2022 revenue and EBITDA guidance when there is more clarity, which management hopes to have by the time of its second quarter earnings release”. On this news, the price of Loyalty Ventures shares declined by $5.01 per share, or approximately 45.4%, from $11.03 per share to close at $6.02 per share on June 8, 2022.
If you purchased or otherwise acquired Loyalty Ventures securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.