IMPORTANT ANNOUNCEMENT: Wolf Haldenstein Adler Freeman & Herz LLP Reminds Investors Who Suffered Losses in InvenSense, Inc., ...
February 27 2015 - 8:45PM
Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein")
reminds investors that a class action lawsuit 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) and certain of its
officers. The litigation was filed on behalf of a class consisting
of all persons or entities who purchased InvenSense securities
between July 29, 2014 and October 28, 2014, inclusive (the "Class
Period"). Investors are encouraged to contact us at (800) 575-0735
or classmember@whafh.com immediately.
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
gross margins. Instead of revealing the Company's true financial
condition and prospects, defendants concealed these adverse facts
from investors and chose to issue strong and ultimately misleading
guidance.
On October 28, 2014, the Company announced disappointing
financial results for the second quarter of fiscal year 2015, ended
September 28, 2014. An important metric, gross margin for the
second quarter of fiscal 2015 was 35 percent, compared with 47
percent for the first quarter of fiscal 2015.
The news of this large and surprising decrease in gross margins
shocked investors. Shares of InvenSense fell $5.10 per share, or
more than 23.74%, to $16.08 per share on October 29, 2014 on
extraordinarily high volume.
Wolf Haldenstein has extensive experience in the prosecution of
securities class actions and derivative litigation in state and
federal trial and appellate courts across the country. The firm has
over 70 attorneys in various practice areas; and offices in New
York, Chicago and San Diego. The reputation and expertise of this
firm in shareholder and other class litigation has been repeatedly
recognized by the courts, which have appointed it to major
positions in complex securities multi-district and consolidated
litigation.
If you wish to discuss this action or have any questions
regarding your rights and interests in this case, please
immediately contact Wolf Haldenstein Adler Freeman & Herz LLP
by telephone at (800) 575-0735, via e-mail at
classmember@whafh.com, or visit our website at
www.whafh.com. All e-mail correspondence should make reference
to the "InvenSense investigation." Attorney Advertising. Prior
results do not guarantee or predict a similar outcome.
CONTACT: Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan or Gregory Stone
Email: donavan@whafh.com,
gstone@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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