INVESTOR ALERT: Investigation of InvenSense, Inc. Announced by Glancy Binkow & Goldberg LLP
January 07 2015 - 3:26PM
Business Wire
Glancy Binkow & Goldberg LLP announces that it is
investigating potential claims on behalf of investors of
InvenSense, Inc. (“InvenSense” or the “Company”) (NYSE:INVN)
concerning possible violations of federal securities laws. The
investigation is focused on certain statements issued by InvenSense
concerning the Company’s business and financial prospects.
Please contact Lesley Portnoy at (888) 773-9224 or (310)
201-9150, or at shareholders@glancylaw.com to discuss this matter.
If you inquire by email please include your mailing address,
telephone number and number of shares purchased.
InvenSense designs, develops and markets
micro-electro-mechanical system gyroscopes for motion tracking
devices in consumer electronics. The investigation is related to
the Company’s October 28, 2014, announcement of financial results
for the second quarter of fiscal year 2015 that missed analysts’
expectations.
Among other things, the Company reported a 13-percentage points
sequential decrease in non-GAAP gross margin for the second quarter
as a result of inventory write-downs of older inventory and the
impact of large OEM customer discounts. According to the Company,
the decrease in gross margin was primarily attributable to “a
non-recurring inventory charge largely related to earlier
generations of the Company’s products that reduced the gross margin
by approximately eight percentage points, and a shift in revenue
mix towards lower margin, high volume customers that reduced the
gross margin by approximately five percentage points.” Following
this news, InvenSense shares declined more than 25%, or $5.40 per
share, to a closing price of $16.08 per share on October 29, 2014,
on unusually heavy volume.
If you purchased InvenSense shares, if you have information or
would like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire,
of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite
2100, Los Angeles, California 90067 at (310) 201-9150, Toll Free at
(888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit
our website at http://www.glancylaw.com. If you inquire by email
please include your mailing address, telephone number and number of
shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CALesley
Portnoy(310) 201-9150(888)
773-9224shareholders@glancylaw.comwww.glancylaw.com
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