NEW YORK, Aug. 08, 2018 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Impinj, Inc. (“Impinj” or the “Company”) (NASDAQ: PI) in the United States District Court for the Central District of California on behalf of a class consisting of investors who purchased or otherwise acquired Impinj securities on the open market from May 7, 2018 and August 2, 2018, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges that defendants, during the Class Period, made materially false and/or misleading statements and/or failed to disclose that: (1) Impinj had engaged in conduct that could lead to an employee complaint and/or Audit Committee investigation; (2) Impinj lacked adequate internal and financial controls; and (3) as a result, defendants’ statements about Impinj’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
On August 2, 2018, Impinj revealed that it would postpone the release of its second quarter 2018 financial results. Impinj also said that its Audit Committee commenced an independent investigation regarding a former employee's filed complaint. The company also stated that it had contacted the Securities and Exchange Commission ("SEC") to notify them of their independent investigation. Following this news, Impinj stock dropped $3.02 per share, or 13.7%, to close at $18.97 on August 3, 2018.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the October 9, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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