Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against InvenSense, Inc. -- INVN
January 09 2015 - 8:48AM
Gainey McKenna & Egleston announces that a class action lawsuit
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").
The Complaint alleges that during the Class Period, Defendants
concealed from the investing public that: (i) 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; (ii) the low prices charged to Apple, along with
low prices charged to Samsung, had, and would continue to,
negatively impact the Company's margins; (iii) InvenSense
encountered manufacturing problems and inefficiencies which
negatively impacted margins; (iv) Defendants lacked a reasonable
basis to provide their stated near term financial guidance or to
assure investors that margins would be consistent with historical
levels; (v) 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 (vi) 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.
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. If you wish to join the litigation, or to
discuss your rights or interests regarding this class action,
please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq.
of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail
at tjmckenna@gme-law.com or gegleston@gme-law.com.
Attorney Advertising -- Prior results do not guarantee a similar
outcome with respect to any future matter. Please visit our website
at http://www.gme-law.com for more information about the firm.
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