Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against InvenSense, Inc.
February 12 2015 - 2:26PM
Business Wire
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.
Rigrodsky & Long, P.A.Timothy J. MacFall, EsquirePeter
Allocco(888) 969-4242(516) 683-3516Fax: (302)
654-7530info@rl-legal.comhttp://www.rigrodskylong.com
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