PHILADELPHIA, Jan. 30, 2015 /PRNewswire/ -- The law firm of
Berger & Montague, P.C. has filed a class action in the U.S.
District Court for the Northern District of California on behalf of all purchasers of
InvenSense, Inc. ("InvenSense" or the "Company") (NYSE: INVN)
common stock between July 29, 2014
and October 28, 2014, inclusive (the
"Class Period").
Investors who purchased InvenSense common stock during the Class
Period may move the Court to appoint them as lead plaintiff, no
later than March 9,
2015. A lead plaintiff is a representative party
acting on behalf of other class members in directing the
litigation. Investors in InvenSense who wish to discuss this action
or the lead plaintiff selection process may contact Berger &
Montague, P.C., toll free at 1-888-891-2289, or by e-mail at
elechtzin@bm.net. A copy of the class action complaint can be
viewed on Berger & Montague, P.C.'s website at
www.bergermontague.com or may be requested from the Court. The case
is Davis v. InvenSense, Inc., No. 3:15-cv-00425.
Background on the InvenSense Securities Class Action
InvenSense, based in San Jose,
California, designs, develops, markets and sells
Micro-Electro-Mechanical Systems ("MEMS") sensors, such as
accelerometers, gyroscopes and microphones for consumer
electronics, which are used in consumer electronic products,
including smartphones and tablets.
The Complaint alleges that, throughout the Class Period,
defendants made false and/or misleading statements related to the
Company's financial performance and future prospects, specifically
that management failed to disclose the extent to which the
Company's performance and margins were affected by discounts
offered to its major customers, including Samsung and Apple, Inc.
Instead, defendants issued strong guidance throughout the Class
Period. As a result, InvenSense shares traded at inflated prices,
rising as high as $25.85 per share,
and allowing Company insiders to substantially profit through sales
of their personally held stock.
On October 28, 2014, InvenSense
announced financial results for the quarter ended September 28, 2014. In particular, defendants
disclosed a significant drop in margins due in large part to the
discounts it offered to its customers as well as operational
inefficiencies related to the iPhone 6 rollout, and a charge
related to old inventory. On this news, the price of InvenSense
shares plummeted more than 25% in a single-day, to close at
$16.08 per share on October 29, 2014.
About Berger & Montague, P.C.
Berger & Montague, P.C., with over 50 attorneys, represents
plaintiffs in complex and class action litigation. The firm has
played lead roles in major cases for over 40 years, resulting in
recoveries of billions of dollars for its clients and the classes
they represent.
For more information, please contact:
Sherrie R. Savett, Esq.
Eric Lechtzin, Esq.
Phyllis M. Parker, Esq.
BERGER & MONTAGUE, P.C.
1622 Locust Street
Philadelphia, PA 19103
Telephone: 1-888-891-2289 or 215-875-3038
Email: elechtzin@bm.net
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SOURCE Berger & Montague, P.C.