SAN DIEGO, Jan. 12, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of InvenSense Inc (NYSE:INVN) over alleged Federal Securities Laws Violations by InvenSense.
Investors who purchased a significant amount of shares of InvenSense Inc (NYSE:INVN) between July 29, 2014 and October 28, 2014, and / or those who purchased any NYSE:INVN shares prior to July 2014 and continue to hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: March 9, 2015. NYSE: INVN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that between July 29, 2014 and October 28, 2014 defendants allegedly concealed the adverse effects InvenSense Inc would experience as a result of its agreement with Apple to supply sensors for the iPhone 6 and iPhone 6 plus at heavily discounted prices, that the low prices charged to Apple, along with the low prices charged to one of its other customers, had negatively impacted, and would continue to negatively impact, InvenSense Inc's margins, and that instead of revealing InvenSense Inc's true condition and prospects, defendants allegedly concealed these adverse facts from investors and chose to issue strong guidance.
The plaintiff alleges that as a result of defendants' false and misleading statements and/or omissions, InvenSense Inc common stock traded at artificially inflated prices between July 29, 2014 and October 28, 2014, reaching a high of $25.85 per share, allowing certain of InvenSense Inc's insiders to sell their personally held stock at artificially inflated prices for aggregate proceeds of over $5.3 million.
The plaintiff says that on October 28, 2014, InvenSense Inc revealed a substantial drop-off in margins due in large part to the low prices it had charged its customers, operational inefficiencies with the iPhone 6 rollout, and a charge related to old inventory and that the Company's announcements caused InvenSense Inc (NYSE:INVN) shares to plummet more than 25% in one day.
Shares of InvenSense Inc (NYSE:INVN) declined from over $25 per share in October 2014 to as low as $13.84 per share in November 2014.
Those who purchased shares of InvenSense Inc (NYSE:INVN) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.