NEW YORK, Jan. 30, 2015 /PRNewswire/ -- Bernstein Liebhard
LLP today announced that a class action has been commenced in the
United States District Court for the Northern District of
California on behalf of purchasers
(the "Class") of common stock of InvenSense, Inc. ("InvenSense" or
the "Company") (NYSE: INVN) during the period of July 29, 2014 and October
28, 2014 (the "Class Period").
InvenSense designs, develops and markets
micro-electro-mechanical system gyroscopes for motion tracking
devices in consumer electronics. The Complaint alleges that
defendants made false and/or misleading statements and/or failed to
disclose to investors that: (a) the Company had entered into an
agreement with Apple, Inc. to supply sensors for the iPhone 6 and
iPhone 6 plus at heavily discounted prices compared to other
customers; (b) the low prices charged to Apple, along with low
prices charged to Samsung, had negatively impacted, and would
continue to negatively impact, the Company's margins; (c)
InvenSense encountered manufacturing problems and inefficiencies
which negatively impacted margins; (d) the Company lacked a
reasonable basis to provide its stated near-term financial guidance
or to assure investors that margins would be consistent with
historical levels; (e) the Company's Form 10-Q for the first
quarter of 2015 failed to disclose then-known trends, events or
uncertainties associated with the Company's sales and margins that
were reasonably likely to have a material effect on InvenSense's
future operating results; and (f) as a result of the foregoing,
defendants lacked a reasonable basis for their positive statements
about the Company's financial performance and outlook during the
Class Period.
On October 28, 2014, the Company
reported disappointing financial results for its second fiscal
quarter ended September 28, 2014,
including net revenue of $90.2
million and a net loss of $6.868
million. The Company also reported, among other things,
disappointing GAAP gross margins of only 35% and non-GAAP gross
margins of 37%, compared with GAAP gross margins of 47% and
non-GAAP gross margins of 50% in the first quarter of fiscal
2015.
Following this news, InvenSense shares declined 25%, or
$5.40 per share, to a closing price
of $16.08 per share on October 29, 2014, on unusually heavy volume.
Plaintiffs seek to recover damages on behalf of all Class
members who invested in InvenSense common stock during the Class
Period. If you invested in InvenSense common stock as
described above, and either lost money on the transaction or still
hold the security, you may wish to join in this action to serve as
lead plaintiff. In order to do so, you must meet certain
requirements set forth in the applicable law and file appropriate
papers no later than March 9,
2015.
A "lead plaintiff" is a representative party that acts on behalf
of other class members in directing the litigation. In order
to be appointed lead plaintiff, the court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members
may together serve as lead plaintiff. Your ability to share
in any recovery is not, however, affected by the decision whether
or not to serve as a lead plaintiff. You may retain Bernstein
Liebhard LLP, or other counsel of your choice, to serve as your
counsel in this action.
If you are interested in discussing your rights as an InvenSense
shareholder and/or have information relating to the matter, please
contact Joseph R. Seidman, Jr. at
(877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3 billion for its clients. The
National Law Journal has recognized Bernstein Liebhard for
twelve consecutive years as one of the top plaintiffs' firms in the
country.
You can obtain a copy of the complaint from the clerk of the
court for the United States District Court for the Northern
District of California.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2015 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
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