SAN FRANCISCO, Dec. 21, 2019 (GLOBE NEWSWIRE) -- Hagens Berman urges iRobot Corporation (NASDAQ: IRBT) investors who have suffered losses in excess of $100,000 to submit their losses now to learn if they qualify to recover their investment losses. Only two days remain until the December 23, 2019 lead plaintiff deadline in a securities fraud class action that has been filed against the company and senior executives.
Class Period: Nov. 21, 2016 – Oct. 22, 2019 Lead Plaintiff Deadline: Dec. 23, 2019 Sign Up Now: www.hbsslaw.com/investor-fraud/IRBT Contact An Attorney Immediately : IRBT@hbsslaw.com 844-916-0895
iRobot Corporation (IRBT) Securities Class Action:
The Complaint alleges that, throughout the Class Period, iRobot reported explosive, double-digit revenue growth, which it attributed to increasing demand for its Roomba products, expanded gross margin due to distributor acquisitions, greater brand awareness and technological innovation. In reality, iRobot was engaging in channel-stuffing in order to inflate its sales and revenues figures, and had acquired two of its largest distributors in order to facilitate and conceal this deceptive practice. As a result of these misrepresentations, iRobot shares traded at artificially inflated prices throughout the Class Period.
The market learned the truth about iRobot’s fraud through a series of disclosures between April 23, 2019 and October 22, 2019, when the Company, unable to continue its channel-stuffing scheme, announced disappointing quarterly revenues and poor financial guidance. All told, these disclosures caused iRobot shares to decline precipitously, wiping out significant shareholder value.
“We’re focused on investors’ losses and whether the company inflated its reported revenues,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of IRBT and suffered significant losses, click here to discuss your legal rights with Hagens Berman .
Whistleblowers: Persons with non-public information regarding iRobot should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email IRBT@hbsslaw.com .
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Contact: Reed Kathrein, 844-916-0895
