NEW YORK, Sept. 15, 2009 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Immersion Corporation ("Immersion") (Nasdaq:IMMR) stock during the period between May 3, 2007 and June 30, 2009 (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Immersion common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by November 2, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at www.brualdilawfirm.com.
The Complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's transactions in its Medical line of business. Specifically, defendants failed to disclose that Immersion's revenue recognition practices in its Medical line of business were improper. As a result of defendants' false and misleading statements, Immersion stock traded at artificially inflated prices during the Class Period, reaching a high of $20.50 per share on July 13, 2007. Subsequently, in February 2008, Immersion announced a correction of its income tax expense for its interim 2007 results, causing the Company's stock to drop somewhat, but the stock continued to trade at artificially inflated levels due to the Company's reported profitability. Then, on July 1, 2009, before the market opened, the Company issued a press release announcing that the Audit Committee of the Company's Board was conducting an internal investigation into certain previous revenue transactions in its Medical line of business. On this news, Immersion's stock dropped over 23% from a close of $4.94 per share on June 30, 2009 to a close of $3.80 per share on July 1, 2009.
The Brualdi Law Firm, P.C. is New York, New York-based law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, with a particular emphasis on sophisticated class action litigation in the securities, and antitrust areas as well as corporate derivative suits. More information about the firm is available through its website, www.brualdilawfirm.com, and upon request from the firm.
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