LifeLock Plans Up To $100 Mln Share Buyback By End Of 2016

LifeLock Inc. on Monday said its board approved a $100 million stock buyback plan, which is equivalent to about 7% of its outstanding common shares. The program does not have a specific expiration date but the identify theft services company plans to complete the buybacks by the end of 2016. LifeLock's shares have been battered after the Federal Trade Commission in July sued the company for violating a 2010 settlement in which it agreed to introduce more stringent measures to protect customer information and to refrain from making deceptive claims. Shares of LifeLock were unchanged in Monday's extended trading but the stock is down 22% year to date.