NEW ORLEANS, Jan. 9, 2015 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until March 9, 2015 to file lead plaintiff applications in a securities class action lawsuit against InvenSense, Inc. (NYSE:INVN) if they purchased the Company's securities between July 29, 2014 and October 28, 2014, inclusive (the "Class Period"). This action is pending in the United States District Court for the Northern District of California.
What You May Do
If you purchased shares of InvenSense and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by March 9, 2015.
About the Lawsuit
InvenSense and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
Defendants allegedly 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. As a result, InvenSense's stock traded at artificially inflated prices, allowing Company insiders to sell their personally-held stock at artificially inflated prices for over $5.3 million.
On October 28, 2014, InvenSense announced disappointing results for the second quarter 2014, and revealed a substantial drop-off in margins due largely to the low prices it had charged its customers, operational inefficiencies with the iPhone 6 rollout, and a charge related to old inventory. On this news, the price of InvenSense's stock plummeted by over 25%.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.