INVESTOR ALERT: Investors of InvenSense, Inc. with Losses of $100,000 or More Are Encouraged to Contact Law Offices of Howard...
February 05 2015 - 10:32AM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed in the United States District Court for
Northern District of California on behalf of purchasers of the
common stock of InvenSense, Inc. (“InvenSense” or the “Company”)
(NYSE:INVN) between July 29, 2014 and October 28, 2014, inclusive
(the “Class Period”).
InvenSense designs, develops and markets
micro-electro-mechanical system gyroscopes for motion tracking
devices in consumer electronics. The lawsuit alleges that
defendants made false and/or misleading statements and/or failed to
disclose that: (1) the Company had entered into an agreement with
Apple, Inc. to supply sensors for the iPhone 6 and iPhone 6 Plus at
heavily discounted prices; (2) the low prices charged to Apple,
along with low prices charged to Samsung, would negatively impact
the Company’s margins; (3) InvenSense encountered manufacturing
problems and inefficiencies which negatively impacted margins; (4)
the Company 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-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.
On October 28, 2014, the Company reported disappointing
financial results for its second fiscal quarter ended September 28,
2014, including net revenue of $90.2 million and a net loss of
$6.868 million. The Company also reported, among other things,
disappointing GAAP gross margins of only 35% and non-GAAP gross
margins of 37%, compared with GAAP gross margins of 47% and
non-GAAP gross margins of 50% in the first quarter of fiscal 2015.
Following this news, InvenSense shares declined 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 are a member of the Class described above, you have until
March 9, 2015, to move the Court to serve as lead plaintiff, if you
meet certain legal requirements. To be a member of the Class you
need not take any action at this time; you may retain counsel of
your choice or take no action and remain an absent member of the
Class. If you suffered losses of $100,000 or more and wish to learn
more about this action, please contact Howard G. Smith, Esquire, of
Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll
Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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