RADNOR, Pa., Aug. 22, 2018 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP reminds Impinj, Inc. (NASDAQ: PI) (“Impinj”) investors that a securities fraud class action lawsuit has been filed in the United States District Court for the Central District of California against Impinj on behalf of purchasers of Impinj securities between May 7, 2018 and August 2, 2018 , inclusive (the “Class Period”).
Important Deadline Reminder: Investors who purchased Impinj securities during the Class Period may, no later than October 9, 2018 , seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit https://www.ktmc.com/impinj-inc-securities-class-action .
According to the complaint, Impinj claims that it is working to deliver a platform that powers item-to-cloud connectivity, enabling developers to innovate Internet-of-Things, or IoT, applications.
The Class Period commenced on May 7, 2018, when the company issued a press release entitled “Impinj Announces First Quarter 2018 Financial Results.”
The complaint alleges that on August 2, 2018, Impinj announced that it was delaying the release of its second quarter 2018 results. The company also disclosed that its Audit Committee commenced an independent investigation in connection with a complaint filed by a former employee, and that Impinj contacted the SEC to advise the SEC of the independent investigation. Impinj further disclosed that it would “not be in a position” to file its Form 10-Q until after the Audit Committee completed its investigation.
Following this news, Impinj’s share price fell $3.02 per share, or 13.7%, to close at $18.97 per share on August 3, 2018, on heavy trading volume.
The complaint alleges that during the Class Period, the defendants failed to disclose that: (1) the company had engaged in conduct that could lead to an employee complaint and/or Audit Committee investigation; (2) the company lacked adequate internal and financial controls; and (3) as a result of the foregoing, the defendants’ statements about Impinj’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
If you wish to discuss this securities fraud class action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (888) 299–7706 or (610) 667–7706, or via e-mail at info@ktmc.com .
Impinj investors may, no later than October 9, 2018 , seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com .
CONTACT:
Kessler Topaz Meltzer & Check, LLP James Maro, Jr., Esq. Adrienne Bell, Esq. 280 King of Prussia Road Radnor, PA 19087 (888) 299-7706 (610) 667-7706 info@ktmc.com
