Berger & Montague, P.C. Files Securities Fraud Class Action Lawsuit Against InvenSense, Inc. (NYSE: INVN)
PHILADELPHIA, Jan. 30, 2015 /PRNewswire/ -- The law firm of Berger & Montague, P.C. has filed a class action in the U.S. District Court for the Northern District of California on behalf of all purchasers of InvenSense, Inc. ("InvenSense" or the "Company") (NYSE: INVN) common stock between July 29, 2014 and October 28, 2014, inclusive (the "Class Period").
Investors who purchased InvenSense common stock during the Class Period may move the Court to appoint them as lead plaintiff, no later than March 9, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Investors in InvenSense who wish to discuss this action or the lead plaintiff selection process may contact Berger & Montague, P.C., toll free at 1-888-891-2289, or by e-mail at [email protected]. A copy of the class action complaint can be viewed on Berger & Montague, P.C.'s website at www.bergermontague.com or may be requested from the Court. The case is Davis v. InvenSense, Inc., No. 3:15-cv-00425.
Background on the InvenSense Securities Class Action
InvenSense, based in San Jose, California, designs, develops, markets and sells Micro-Electro-Mechanical Systems ("MEMS") sensors, such as accelerometers, gyroscopes and microphones for consumer electronics, which are used in consumer electronic products, including smartphones and tablets.
The Complaint alleges that, throughout the Class Period, defendants made false and/or misleading statements related to the Company's financial performance and future prospects, specifically that management failed to disclose the extent to which the Company's performance and margins were affected by discounts offered to its major customers, including Samsung and Apple, Inc. Instead, defendants issued strong guidance throughout the Class Period. As a result, InvenSense shares traded at inflated prices, rising as high as $25.85 per share, and allowing Company insiders to substantially profit through sales of their personally held stock.
On October 28, 2014, InvenSense announced financial results for the quarter ended September 28, 2014. In particular, defendants disclosed a significant drop in margins due in large part to the discounts it offered to its customers as well as operational inefficiencies related to the iPhone 6 rollout, and a charge related to old inventory. On this news, the price of InvenSense shares plummeted more than 25% in a single-day, to close at $16.08 per share on October 29, 2014.
About Berger & Montague, P.C.
Berger & Montague, P.C., with over 50 attorneys, represents plaintiffs in complex and class action litigation. The firm has played lead roles in major cases for over 40 years, resulting in recoveries of billions of dollars for its clients and the classes they represent.
For more information, please contact:
Sherrie R. Savett, Esq.
Eric Lechtzin, Esq.
Phyllis M. Parker, Esq.
BERGER & MONTAGUE, P.C.
1622 Locust Street
Philadelphia, PA 19103
Telephone: 1-888-891-2289 or 215-875-3038
Email: [email protected]
SOURCE Berger & Montague, P.C.
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