NEW YORK, Jan. 8, 2015 (GLOBE NEWSWIRE) -- Tripp Levy PLLC, a leading national securities law firm, announces that a class action lawsuit was filed against InvenSense, Inc. ("InvenSense" or the "Company") (NYSE:INVN) 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 InvenSense securities between July 29, 2014 and October 28, 2014, inclusive (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, the Company'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.
Then, on October 28, 2014, InvenSense revealed a substantial drop-off in margins due in large part to the low prices it had charged its customers, operational inefficiencies with the iPhone 6 rollout, and a charge related to old inventory. The Company's announcements caused InvenSense shares to plummet more than 25% in one day.
If you purchased shares of InvenSense, and have suffered a loss from your investment in InvenSense common stock and would like to learn more about this lawsuit and your ability to potentially recover your losses, please contact us either by email at contact@tripplevy.com or by telephone at (800) 511-7037 or visit our website at www.tripplevy.com. In addition, if you wish to serve as lead plaintiff, you must move the Court no later than 60 days from January 7, 2015. If you are a member of this class you can join this class action to potentially recover your losses by contacting us.
Tripp Levy PLLC is a leading national securities and shareholder rights law firm representing both individual and institutional shareholders and, along with its affiliate, have recovered billions of dollars for shareholders. Tripp Levy PLLC is affiliated with Milberg LLP. The National Law Journal has named Milberg one of the "50 Elite Trial Lawyer Firms" and one of the "50 Leading Plaintiff Firms in America."
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