Impinj (PI) Alert: Johnson Fistel Announces Shareholder Class Action Against Impinj, Inc. Survives Motion to Dismiss; Should Management be Held Accountable for Investors Losses?

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Oct 16, 2019, 21:01 ET

SAN DIEGO, Oct. 16, 2019 /PRNewswire/ -- Johnson Fistel, LLP is investigating potential claims on behalf of Impinj, Inc. (NASDAQ: PI) ("Impinj" or the "Company") against certain of its officers and directors. Specifically, a class action lawsuit pending in the United States District Court for the Western District of Washington against Impinj and certain of its current and former officers recently survived, in part, certain defendants' attempts to have the case dismissed. Impinj sells a platform comprised of integrated circuits with memory chips, connective devices, and software that can be used to tag and wirelessly connect everyday items to the digital world.

According to the class-action lawsuit, between July 21, 2016 and February 15, 2018, defendants touted the Company's platform's ability to identify a tagged item's unique location with a margin of error of 1.5 feet and claimed this accuracy would allow the Company to tap into valuable new markets, including healthcare. However, the class action complaint alleges that the platform was not able to accurately locate tagged items, which Impinj's officers knew and failed to disclose prior to Impinj's initial public offering and throughout the relevant time period. This, according to the class action complaint, caused certain public statements made by defendants regarding the Company's business, operations, and prospects to be materially false and misleading when made. On October 3, 2019, U.S. District Court Judge Robert S. Lasnik denied in part Impinj's motion to dismiss lead plaintiffs' claims, allowing the class action litigation to proceed.

If you are a current, long-term shareholder of Impinj, you may have standing to hold Impinj harmless from the alleged harm caused by the officers and directors of the Company by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing.

If you are interested in learning more about your legal rights and remedies, please contact Jim Baker ([email protected]) at 619-814-4471. If you email, please include your phone number.

Additionally, if you are a current, long-term holder of Impinj stock, you can [Click here to join this action]. There is no cost or obligation to you.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]

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SOURCE Johnson Fistel, LLP