NEW YORK, Oct. 25, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against iRobot Corporation (“iRobot” or the “Company”) (Nasdaq: IRBT) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the securities of iRobot from November 21, 2016 and October 22, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for iRobot investors under the federal securities laws.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) iRobot’s explosive growth was not based on increased demand, expanding margins, and product innovations, as it claimed, but rather based on channel stuffing; (2) the Company attempted to conceal its actions by acquiring its distributors in Europe and Asia; (3) these acquisitions were designed to clean up the company’s global inventory and mask falling demand; and (4) as a result, iRobot’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the December 23, 2019 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com .
Please visit our website at http://www.gme-law.com for more information about the firm.
