ISM services index climbs to highest level on record in July

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Live Ventures stock plummets after disclosing SEC filed charges

Shares of Live Ventures Inc. plummeted 48.1% in morning trading, putting them on track for the worst one-day performance in 19 years, after the online marketing services company disclosed that the Securities and Exchange Commission has filed charges against the company after a nearly four-year investigation. The company has previously disclosed that it received a subpoena from the SEC in February 2018 requesting documents and information concerning the restatement of financial statements. The company received a “Wells Notice” from the SEC relating to its reporting of financial performance for the fiscal year ended Sept. 30, 2016, certain disclosures on executive compensation and its previous acquisition of ApplianceSmart. “The company categorically denies all charges and will vigorously defend itsel,” Live Ventures said in a statement on Wednesday. “The company asserts that the SEC’s pursuit of this matter will not result in any benefit to investors and instead will only serve as a distraction from core business.” The stock, headed for the biggest one-day selloff since the record 58.3% drop on May 22, 2002, has still rocketed 161.7% year to date, while the S&P 500 has gained 17.5%.

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