SAN FRANCISCO, Jan. 9, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, advises investors that a class action lawsuit has been filed against InvenSense, Inc. (NYSE:INVN) ("InvenSense" or "the Company"). The suit is pending in U.S. District Court for the Northern District of California, and investors have until March 9, 2015 to move for lead plaintiff.
The complaint was filed on behalf of investors who purchased InvenSense common stock between July 29, 2014 and October 28, 2014 (the "Class Period"). If you purchased shares of INVN during the Class Period, you may contact Hagens Berman Partner Reed Kathrein, who is leading the firm's investigation, by calling (510) 725-3000, emailing INVN@hbsslaw.com or visiting http://hb-securities.com/investigations/INVN. No class has been certified in this case. Any member of the Class who purchased shares in the relevant time period may ask the Court to appoint them as lead plaintiff.
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.
If you suffered a loss from your investment in INVN stock purchased between July 29, 2014 and October 28, 2014, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation. No class has yet been certified in the above action.
Whistleblowers: Persons with non-public information regarding InvenSense should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. For more information, call Reed Kathrein at (510) 725-3000 or email INVN@hbsslaw.com.
About Hagens Berman
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm headquartered in Seattle, Washington with offices in nine cities. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. Read the firm's Securities Newsletter at http://www.hb-securities.com/newsletter. The firm's blog is located at www.meaningfuldisclosure.com.
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