NEW YORK, Dec. 09, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Identiv, Inc. (“Identiv” or the “Company”) (NASDAQ: INVE ) and certain of its officers. The class action, filed in United States District Court, Northern District of California, is on behalf of a class consisting of all persons or entities who purchased Identiv securities between November 7, 2013 and November 23, 2015 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Identiv securities during the Class Period, you have until February 5, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Identiv operates as a security technology company that provides solutions in the premises, information, and everyday items. The Company operates through four segments: Premises, Identity, Credentials, and All Other. Identiv markets its products through original equipment manufacturers, dealers, system integrators, value added resellers, resellers, and Internet, as well as directly to end users.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) there were material weaknesses in Identiv’s internal control over financial reporting; (ii) the scope and remediation of an investigation by a special committee of Identiv’s board of directors into accounting issues was inadequate; (iii) the Company’s consolidated financial statements were inaccurate; and (iv) as a result of the foregoing, Identiv’s public statements were materially false and misleading at all relevant times.
On November 30, 2015, post-market, Identiv disclosed to the SEC that BDO USA, LLP (“BDO”) had resigned as the Company’s independent public accounting firm and had informed Identiv that BDO was unwilling to be associated with the consolidated financial statements prepared by the Company’s management for any of the fiscal periods within 2015. Specifically, BDO disagreed with the scope and the remediation of a special committee investigation by Identiv into accounting issues and had found material weaknesses in Identiv’s internal control over financial reporting.
On this news, Identiv’s stock fell $0.26, or 15.59%, to close at $2.49 on December 1, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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 .
CONTACT: CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
