NEW YORK, Feb. 26, 2016 /PRNewswire/ -- WeissLaw LLP, a national class action, shareholder rights law firm with offices in New York and Los Angeles, announces an investigation of Identiv, Inc. ("INVE" or the "Company"). The investigation focuses on possible breaches of fiduciary duty and other violations of law by the Board of Directors of INVE.
On November 30, 2015, INVE disclosed that BDO USA, LLP ("BDO") had resigned as the Company's independent registered public accounting firm and that they were "unwilling to be associated with the consolidated financial statements prepared by [INVE] management" for the fiscal 2015 periods and would not audit the Company's 2015 year-end financial statements. The Board of Directors ("Board") had formed a Special Committee to investigate allegations contained in a complaint from a former employee regarding certain expense reimbursement issues with respect to certain executive officers and other employees and BDO disagrees with the scope of the investigation, as well as the Special Committee's suggested remediation. In addition, BDO has identified two material weaknesses in INVE's internal controls. Following this announcement, shares of INVE dropped precipitously, trading for as low as $1.39 on January 21, 2016. When compared to the November 27, 2015 trading price of $3.26, this represents a decrease of $ 1.87 or approximately 60%.
Given these facts, WeissLaw is investigating whether the Board (1) made false and/or misleading statements; (2) failed to meet the recordkeeping requirements and accounting provisions established federal securities laws; and (3) failed to establish and maintain comprehensive internal controls to safeguard against financial reporting errors. If you own INVE shares and would like more information about your rights or our investigation, please contact Joshua Rubin either by telephone at (888) 593-4771 or by email at [email protected].
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
SOURCE WeissLaw LLP