Hagens Berman Alerts Investors of Class Action Lawsuit Filed Against InvenSense, Inc. (NYSE: INVN)
January 09 2015 - 8:30AM
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm, advises investors that a class action lawsuit has been filed
against InvenSense, Inc. (NYSE:INVN) ("InvenSense" or "the
Company"). The suit is pending in U.S. District Court for the
Northern District of California, and investors have until March 9,
2015 to move for lead plaintiff.
The complaint was filed on behalf of investors who purchased
InvenSense common stock between July 29, 2014 and October 28, 2014
(the "Class Period"). If you purchased shares of INVN during the
Class Period, you may contact Hagens Berman Partner Reed Kathrein,
who is leading the firm's investigation, by calling (510) 725-3000,
emailing INVN@hbsslaw.com or visiting
http://hb-securities.com/investigations/INVN. No class has
been certified in this case. Any member of the Class who
purchased shares in the relevant time period may ask the Court to
appoint them as lead plaintiff.
InvenSense is based in San Jose, California, and designs,
develops, and sells Micro-Electro-Mechanical Systems ("MEMS")
sensors, for use in portable consumer electronics products. The
Complaint alleges that throughout the Class Period, Defendants made
false and/or misleading statements related to the Company's
financial performance and future outlook, specifically that
management failed to disclose the extent to which the Company's
performance and margins could be 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 ending September 28, 2014. It revealed 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. The
announcement caused a single-day drop in share price of roughly
25%, to close at $16.08 per share on October 29, 2014.
If you suffered a loss from your investment in INVN stock
purchased between July 29, 2014 and October 28, 2014, and would
like to learn more about this lawsuit and your ability to
participate as a lead plaintiff, please contact us for your no-cost
evaluation. No class has yet been certified in the above
action.
Whistleblowers: Persons with non-public
information regarding InvenSense should consider their options to
help in the investigation or take advantage of the SEC
Whistleblower program. For more information, call Reed Kathrein at
(510) 725-3000 or email INVN@hbsslaw.com.
About Hagens Berman Hagens Berman Sobol Shapiro LLP is an
investor-rights class-action law firm headquartered in Seattle,
Washington with offices in nine cities. The firm represents
investors, whistleblowers, workers and consumers in complex
litigation. More about the firm and its successes can be found at
www.hbsslaw.com. Read the firm's Securities Newsletter at
http://www.hb-securities.com/newsletter. The firm's blog is located
at www.meaningfuldisclosure.com.
For the latest news from Hagens Berman, visit
http://www.hbsslaw.com/newsroom or follow us on Twitter at
@hagensberman.
CONTACT: Reed Kathrein, (510) 725-3000
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