An investigation on behalf of current long term investors in InvenSense Inc (NYSE:INVN) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:INVN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/11/2015 -- An investor who currently holds shares of InvenSense Inc (NYSE:INVN) filed a lawsuit against directors of InvenSense Inc over alleged breaches of fiduciary duties.
Investors who are current long term investors in InvenSense Inc (NYSE:INVN) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff claims that certain InvenSense Inc. officers and directors misled investors about its relationship with Apple Inc., causing stocks to artificially inflate and then plummet. The plaintiff alleges that InvenSense knew it would not be profiting heavily on sensors supplied for use in Apple's iPhone 6, but issued exaggerated statements about the company's financial status.
InvenSense Inc faces a lawsuit over alleged violations of Federal Securities Laws. The plaintiff in that lawsuit 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 in October 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 $13.19 per share in January 2015.
On February 9, 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.
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