WILMINGTON, Del., Jan. 8, 2015 /PRNewswire/ -- Rigrodsky &
Long, P.A.:
- Do you, or did you, own shares of
InvenSense, Inc. (NYSE: INVN)?
- Did you purchase your shares before
July 29, 2014, or between
July 29, 2014 and October 28, 2014, inclusive?
- Did you lose money in your investment in
InvenSense, Inc.?
- Do you want to discuss your
rights?
Rigrodsky & Long, P.A., including former Special Assistant
United States Attorney, Timothy J.
MacFall, announces that a complaint has been filed in the
United States District Court for the Northern District of
California on behalf of all
persons or entities that purchased the common stock of InvenSense,
Inc. ("InvenSense" or the "Company") (NYSE: INVN) between
July 29, 2014 and October 28, 2014, inclusive (the "Class Period"),
alleging violations of the Securities Exchange Act of 1934 against
the Company and certain of its officers (the "Complaint").
If you purchased shares of InvenSense during the Class Period,
or purchased shares prior to the Class Period and still hold
InvenSense, and wish to discuss this action or have any
questions concerning this notice or your rights or interests,
please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2
Righter Parkway, Suite 120, Wilmington,
DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com;
or at:
http://www.rigrodskylong.com/investigations/invensense-inc-invn.
InvenSense designs, develops, markets and sells
Micro-Electro-Mechanical Systems ("MEMS") sensors, such as
accelerometers, gyroscopes and microphones for consumer
electronics. The Complaint alleges that throughout the Class
Period, defendants made materially false and misleading statements,
and omitted materially adverse facts, about the Company's business,
operations and prospects. Specifically, the Complaint alleges
that the defendants concealed from the investing public that: (1)
the Company had entered into an agreement with Apple to supply
sensors for the iPhone 6 and iPhone 6 plus at heavily discounted
prices compared to other consumers; (2) the low prices charged to
Apple, along with low prices charged to Samsung, had, and would
continue to, negatively impact the Company's margins; (3)
InvenSense encountered manufacturing problems and inefficiencies
which negatively impacted margins; (4) defendants lacked a
reasonable basis to provide its stated near term financial guidance
or to assure investors that margins would be consistent with
historical levels; (5) the Company's Form 10-Q for the first
quarter of 2015 failed to disclose then presently 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 (6) 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. As a result of defendants' alleged
false and misleading statements, the Company's stock traded at
artificially inflated prices during the Class Period.
According to the Complaint, on October
28, 2014, the Company announced disappointing financial
results for the quarter ended September 28,
2014, and revealed a substantial drop-off in margins due in
large part to low pricing for Apple and Samsung, operational
inefficiencies with the iPhone 6 rollout, and a charge related to
old inventory.
On this news, shares in InvenSense plummeted over 25%, closing
at $16.08 per share on October 29, 2014, on extraordinarily high trading
volume.
If you wish to serve as lead plaintiff, you must move the Court
no later than March 9,
2015. A lead plaintiff is a representative party
acting 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. Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. Any member of the proposed
class may move the court to serve as lead plaintiff through counsel
of their choice, or may choose to do nothing and remain an absent
class member.
While Rigrodsky & Long, P.A. did not file the Complaint in
this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates
securities class, derivative and direct actions, shareholder rights
litigation and corporate governance litigation, including claims
for breach of fiduciary duty and proxy violations in the
Delaware Court of Chancery and in
state and federal courts throughout the
United States.
Attorney advertising. Prior results do not guarantee a
similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com
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SOURCE Rigrodsky & Long, P.A.