Bernstein Liebhard LLP Announces That Less Than One Week Remains To Move For Lead Plaintiff In A Class Action Concerning InvenSense, Inc.
NEW YORK, March 3, 2015 /PRNewswire/ -- Bernstein Liebhard LLP announced that only six days remain for investors to move for appointment as lead plaintiff in a class action pending in the United States District Court for the Northern District of California on behalf of purchasers (the "Class") of common stock of InvenSense, Inc. ("InvenSense" or the "Company") during the period of July 29, 2014 and October 28, 2014 (the "Class Period").
According to the complaints, InvenSense failed to disclose several critical facts to investors during the Class Period, including that InvenSense had entered into an agreement with Apple, Inc. to supply sensors for the iPhone 6 and iPhone 6 plus at heavily discounted prices, which negatively impacted the Company's margins; and that InvenSense encountered manufacturing problems and inefficiencies which further impacted margins.
When the truth was disclosed about the Company's margins on October 28, 2014, InvenSense's stock plummeted 25%. On that date, the Company reported disappointing financial results for its second fiscal quarter ended September 28, 2014, as well as disappointing GAAP gross margins of only 35% and non-GAAP gross margins of 37% -- well below GAAP gross margins of 47% and non-GAAP gross margins of 50% in the first quarter of fiscal 2015.
Plaintiffs seek to recover damages on behalf of all Class members who invested in InvenSense common stock during the Class Period. If you invested in InvenSense common stock as described above, and either lost money on the transaction or still hold the security, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than March 9, 2015.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as an InvenSense shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or [email protected].
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs' firms in the country.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Northern District of California.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2015 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
[email protected]
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SOURCE Bernstein Liebhard LLP
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