LifeVantage announced on September 13, 2016 that it would not timely file its Annual Report on Form 10-K with the Securities and Exchange Commission. The Company explained that it was investigating possible accounting irregularities: "[f]ollowing an internal review by Company personnel of its policies and procedures, the Company is in the process of reviewing its sales into certain international markets and the revenue and income tax accruals associated with such sales." In response to this news, LifeVantage's stock price dropped approximately 12.7% to close at $9.08 per share on September 14, 2016.