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Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, has reminded investors of the March 9, 2015 lead plaintiff deadline in the class action lawsuit against InvenSense, Inc. (NYSE:INVN).
The suit is pending in U.S. District Court for the Northern District of California.
InvenSense is based in San Jose, California, and designs, develops, and sells Micro-Electro-Mechanical Systems (“MEMS”) sensors, for use in portable consumer electronics products. The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements related to the Company’s financial performance and future outlook, specifically that management failed to disclose the extent to which the Company’s performance and margins could be affected by discounts offered to its major customers, including Samsung and Apple, Inc.
Instead, Defendants issued strong guidance throughout the Class Period. As a result, InvenSense shares traded at inflated prices, rising as high as $25.85 per share, and allowing Company insiders to substantially profit through sales of their personally held stock.
On October 28, 2014, InvenSense announced financial results for the quarter ending September 28, 2014. It revealed a significant drop in margins due in large part to the discounts it offered to its customers as well as operational inefficiencies related to the iPhone 6 rollout, and a charge related to old inventory. The announcement caused a single-day drop in share price of roughly 25%, to close at $16.08 per share on October 29, 2014.
