NEW YORK, Feb. 20, 2015 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds
investors that a securities class action has been filed in the
United States District Court for the Northern District of
California on behalf of purchasers
of InvenSense, Inc. ("InvenSense") or the "Company") (NYSE:INVN),
during the period between July 29,
2014 and October 28, 2014 (the
"Class Period").
The Complaint alleges that defendants concealed the adverse
effects the Company would experience as a result of its agreement
with Apple to supply sensors for the iPhone 6 and iPhone 6 Plus at
heavily discounted prices. The low prices charged had negatively
impacted, and would continue to negatively impact, InvenSense's
margins. Instead of revealing the Company's true financial
condition and prospects, defendants concealed these adverse facts
from investors and chose to issue strong guidance. As a result of
defendants' false and misleading statements and/or omissions,
InvenSense common stock traded at artificially inflated prices
during the Class Period, reaching a high of $25.85 per share, allowing certain of the
Company's insiders to sell their personally held stock at
artificially inflated prices for aggregate proceeds of over
$5.3 million.
On October 28, 2014, the Company
announced disappointing financial results for the second quarter of
fiscal year 2015, ended Sept. 28,
2014. Net revenue for the second quarter fiscal 2015 was
$90.2 million, up 35 percent from
$66.7 million for the first quarter
fiscal 2015. Gross margin determined in accordance with U.S.
generally accepted accounting principles (GAAP) for the second
quarter of fiscal 2015 was 35 percent, compared with 47 percent for
the first quarter of fiscal 2015 including stock-based compensation
and related payroll taxes, and amortization of acquisition
intangibles.
On this news, shares of InvenSense fell $5.10 per share, or more than 23.74%, to
$16.08 per share on October 29, 2014.
Plaintiff seeks to recover damages on behalf of all shareholders
who purchased shares of InvenSense during the Class Period
described above.
No Class has yet been certified in the above action. If you wish
to review a copy of the Complaint, to discuss this action, or have
any questions, please contact Peretz
Bronstein, Esq. or his Investor Relations Coordinator
Eitan Kimelman of Bronstein, Gewirtz
& Grossman, LLC at 212-697-6484 or via email info@bgandg.com.
Those who inquire by e-mail are encouraged to include their mailing
address and telephone number. If you suffered a loss in
InvenSense you have until March 9,
2015 to request that the Court appoint you as lead
plaintiff. Your ability to share in any recovery doesn't
require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC