INVENSENSE ALERT: National Securities Law Firm Announces the Filing of a Lawsuit to Recover Losses for Shareholders. Encourag...
January 08 2015 - 8:00AM
Tripp Levy PLLC, a leading national securities law firm, announces
that a class action lawsuit was filed against InvenSense, Inc.
("InvenSense" or the "Company") (NYSE:INVN) and certain of its
officers. The class action, filed in United States District Court,
Northern District of California, is on behalf of a class consisting
of all persons or entities who purchased InvenSense securities
between July 29, 2014 and October 28, 2014, inclusive (the "Class
Period").
The complaint alleges that defendants concealed the adverse
effects the Company would experience as a result of its agreement
with Apple to supply sensors for the iPhone 6 and iPhone 6 plus at
heavily discounted prices. The low prices charged had negatively
impacted, and would continue to negatively impact, the Company's
margins. Instead of revealing the Company's true financial
condition and prospects, defendants concealed these adverse facts
from investors and chose to issue strong guidance. As a result of
defendants' false and misleading statements and/or omissions,
InvenSense common stock traded at artificially inflated prices
during the Class Period, reaching a high of $25.85 per share,
allowing certain of the Company's insiders to sell their personally
held stock at artificially inflated prices for aggregate proceeds
of over $5.3 million.
Then, on October 28, 2014, InvenSense revealed a substantial
drop-off in margins due in large part to the low prices it had
charged its customers, operational inefficiencies with the iPhone 6
rollout, and a charge related to old inventory. The Company's
announcements caused InvenSense shares to plummet more than 25% in
one day.
If you purchased shares of InvenSense, and have suffered a loss
from your investment in InvenSense common stock and would like to
learn more about this lawsuit and your ability to potentially
recover your losses, please contact us either by email at
contact@tripplevy.com or by telephone at (800) 511-7037 or visit
our website at www.tripplevy.com. In addition, if you wish to serve
as lead plaintiff, you must move the Court no later than 60 days
from January 7, 2015. If you are a member of this class you can
join this class action to potentially recover your losses by
contacting us.
Tripp Levy PLLC is a leading national securities and shareholder
rights law firm representing both individual and institutional
shareholders and, along with its affiliate, have recovered billions
of dollars for shareholders. Tripp Levy PLLC is affiliated with
Milberg LLP. The National Law Journal has named Milberg one of the
"50 Elite Trial Lawyer Firms" and one of the "50 Leading Plaintiff
Firms in America."
Attorney advertising. Prior results do not indicate a similar
outcome.
CONTACT: Tripp Levy PLLC
New York, New York
Toll free: 800-511-7037
International: 602-241-2841
Email: contact@tripplevy.com
www.tripplevy.com
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