A Deadline is coming up on March 10, 2015 in the lawsuit for investors in InvenSense Inc (NYSE:INVN) shares and NYSE:INVN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/25/2015 -- A deadline is coming up on March 10, 2015 in the lawsuit filed for investors of InvenSense Inc (NYSE:INVN) over alleged violations of Federal Securities Laws by InvenSense.
Investors with a substantial investment in InvenSense Inc (NYSE:INVN) shares between July 29, 2014 and October 28, 2014, should get active before the Deadline that is coming up on March 10, 2015 and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Northern District of California the plaintiff alleges on behalf of purchasers of InvenSense Inc (NYSE:INVN) common shares between July 29, 2014 and October 28, 2014, that the defendants violated Federal Securities Laws. More specifically, 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 alleges that 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., respectively $13.19 per share in January 2015.
On February 23, 2015, NYSE:INVN shares closed at $15.73 per share.
Those who purchased shares of InvenSense Inc (NYSE:INVN) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego