HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Notifies iRobot (IRBT) Investors of Possible Securities Fraud
SAN FRANCISCO, Oct. 23, 2019 /PRNewswire/ -- Hagens Berman notifies iRobot Corporation (NASDAQ: IRBT) investors of the firm's investigation of possible violations of federal securities laws. The firm urges IRBT investors who have suffered significant losses to submit their losses now to learn more.
Relevant Holding Period: Before Oct. 23, 2019
Sign Up: www.hbsslaw.com/investor-fraud/IRBT
Contact An Attorney Now: [email protected]
510-725-3000
iRobot (IRBT) Investigation:
The investigation centers on whether iRobot has mislead investors about the true demand for its consumer robot cleaning products and accessories.
On October 22, 2019, iRobot and senior management reported quarterly financial results while lowering FY 2019 guidance. Senior management explained that the lower than expected 9% total revenue growth for the quarter was "primarily due to 25% international growth and a large shipment to a major U.S. retailer that was previously planned for the fourth quarter." This news drove the price of iRobot shares sharply lower on October 23, 2019.
Previously, research firm Spruce Point Management published several reports accusing the Company of concealing weakening fundamentals and having "made revenue and earnings revisions which don't add up."
"We're focused on investors' losses and whether iRobot has complied with applicable accounting rules," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of IRBT and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding iRobot should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
SOURCE Hagens Berman Sobol Shapiro LLP
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