Bernstein Litowitz Berger & Grossmann LLP Announces Securities Class Action Suit Filed Against Impinj, Inc. And Certain of Its Senior Executives

NEW YORK, Oct. 2, 2018 /PRNewswire/ -- Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") today announced that it filed a securities class action lawsuit on behalf of its client the Employees' Retirement System of the City of Baton Rouge and Parish of East Baton Rouge against Impinj, Inc. ("Impinj" or the "Company") (NASDAQ: PI) and certain of the Company's senior executives (collectively, "Defendants").  The action, which is captioned Employees' Retirement System of the City of Baton Rouge and Parish of East Baton Rouge v. Impinj, Inc., No. 2:18-cv-01447 (W.D. Wash.) ("Baton Rouge"), asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act"), 15 U.S.C. §§ 78j(b) and 78t(a), and SEC Rule 10b-5 promulgated thereunder, 17 C.F.R. § 240.10b-5, on behalf of investors who purchased Impinj's publicly traded securities between November 3, 2016 and February 15, 2018, inclusive (the "Class Period").

This case is related to two previously-filed securities class actions pending against Impinj: Montemarano v. Impinj, Inc. No. 3:18-cv-05704-RSL (W.D. Wash.) ("Montemarano"), and Schultz v. Impinj, Inc., No. 2:18-cv-06765-DSF-SS (C.D. Cal.) ("Schultz").  Pursuant to the August 7, 2018 notice published in connection with Schultz and the August 27, 2018 notice published in connection with Montemarano, under the Private Securities Litigation Reform Act of 1995, investors wishing to serve as Lead Plaintiff are required to file a motion for appointment as Lead Plaintiff by no later than October 9, 2018.  Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.

The Baton Rouge action alleges that throughout the Class Period, Impinj defrauded investors concerning the demand for its integrated circuit tags ("ICs") or "endpoints" that, when attached to an individual item, enable users to determine the item's identity, location, and authenticity.  Specifically, Defendants repeatedly touted increased sales and purportedly strong demand for endpoint ICs, which Defendants claimed had been driven by customers' increasing adoption of Impinj's technology. 

In truth, the demand for Impinj's ICs was driven by customers stockpiling inventory to account for Impinj's production delays and concerns over extended production lead times.  When the Company's supply constraints eventually improved and endpoint lead times shortened, Impinj customers drastically reduced their purchases, causing the Company's earnings and stock price to decline. 

A copy of the complaint filed in Baton Rouge is available on BLB&G's website at www.blbglaw.com.

The Employees' Retirement System of the City of Baton Rouge and Parish of East Baton Rouge is represented by BLB&G, a firm of over 100 attorneys with offices in New York, California, Louisiana, and Illinois.  If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Michael D. Blatchley of BLB&G at 212-554-1281, or via e-mail at [email protected].

Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity. Specializing in securities fraud, corporate governance, shareholders' rights, employment discrimination, and civil rights litigation, among other practice areas, BLB&G prosecutes class and private actions on behalf of institutional and individual clients worldwide.  Unique among its peers, BLB&G has obtained several of the largest and most significant securities recoveries in history, recovering billions of dollars on behalf of defrauded investors.  More information about BLB&G can be found online at www.blbglaw.com.

CONTACT:
Michael D. Blatchley
Bernstein Litowitz Berger & Grossmann LLP
1251 Avenue of the Americas, 44th Floor
New York, New York 10020
(212) 554-1281

SOURCE Bernstein Litowitz Berger & Grossmann LLP

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