NEW YORK, Jan. 8, 2015 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of InvenSense, Inc. ("InvenSense" or the "Company") (NYSE: INVN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether InvenSense and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On October 28, 2014, the Company announced disappointing financial results for the second quarter of fiscal year 2015, ended Sept. 28, 2014. Net revenue for the second quarter fiscal 2015 was $90.2 million, up 35 percent from $66.7 million for the first quarter fiscal 2015. Gross margin determined in accordance with U.S. generally accepted accounting principles (GAAP) for the second quarter of fiscal 2015 was 35 percent, compared with 47 percent for the first quarter of fiscal 2015. GAAP gross margin for second quarter fiscal 2015 included stock-based compensation and related payroll taxes, and amortization of acquisition intangibles.
On this news, shares of InvenSense fell $5.10 per share, or more than 23.74%, to $16.08 per share on October 29, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP