NEW YORK, Feb. 27, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein") reminds investors that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of purchasers of InvenSense, Inc., ("InvenSense" or the "Company") (NYSE: INVN ) and certain of its officers. The litigation was filed on behalf of a class consisting of all persons or entities who purchased InvenSense securities between July 29, 2014 and October 28, 2014, inclusive (the "Class Period"). Investors are encouraged to contact us at (800) 575-0735 or classmember@whafh.com immediately.
The Complaint alleges that defendants concealed the adverse effects the Company 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. The low prices charged had negatively impacted, and would continue to negatively impact InvenSense's gross margins. Instead of revealing the Company's true financial condition and prospects, defendants concealed these adverse facts from investors and chose to issue strong and ultimately misleading guidance.
On October 28, 2014, the Company announced disappointing financial results for the second quarter of fiscal year 2015, ended September 28, 2014. An important metric, gross margin for the second quarter of fiscal 2015 was 35 percent, compared with 47 percent for the first quarter of fiscal 2015.
The news of this large and surprising decrease in gross margins shocked investors. Shares of InvenSense fell $5.10 per share, or more than 23.74%, to $16.08 per share on October 29, 2014 on extraordinarily high volume.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com . All e-mail correspondence should make reference to the "InvenSense investigation."
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Wolf Haldenstein Adler Freeman & Herz LLP Patrick Donovan or Gregory Stone Email: , or Tel: (800) 575-0735 or (212) 545-4774
