NEW YORK, March 3, 2015 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action 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 ), during the period between July 29, 2014 and October 28, 2014 (the "Class Period").
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 margins. Instead of revealing the Company's true financial condition and prospects, defendants concealed these adverse facts from investors and chose to issue strong guidance. As a result of defendants' false and misleading statements and/or omissions, InvenSense common stock traded at artificially inflated prices during the Class Period, reaching a high of $25.85 per share, allowing certain of the Company's insiders to sell their personally held stock at artificially inflated prices for aggregate proceeds of over $5.3 million.
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 including 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.
Plaintiff seeks to recover damages on behalf of all shareholders who purchased shares of InvenSense during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in InvenSense you have until March 9, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Eitan Kimelman 212-697-6484
