NEW YORK, Jan. 9, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased the common stock of InvenSense, Inc. ("InvenSense" or the "Company") (NYSE:INVN) between July 29, 2014 and October 28, 2014, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
The Complaint alleges that during the Class Period, Defendants concealed from the investing public that: (i) the Company had entered into an agreement with Apple to supply sensors for the iPhone 6 and iPhone 6 plus at heavily discounted prices compared to other consumers; (ii) the low prices charged to Apple, along with low prices charged to Samsung, had, and would continue to, negatively impact the Company's margins; (iii) InvenSense encountered manufacturing problems and inefficiencies which negatively impacted margins; (iv) Defendants lacked a reasonable basis to provide their stated near term financial guidance or to assure investors that margins would be consistent with historical levels; (v) the Company's Form 10-Q for the first quarter of 2015 failed to disclose then presently known trends, events or uncertainties associated with the Company's sales and margins that were reasonably likely to have a material effect on InvenSense's future operating results; and (vi) as a result of the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company's financial performance and outlook during the Class Period. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
If you wish to serve as lead plaintiff, you must move the Court no later than March 9, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or 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 firstname.lastname@example.org or email@example.com.
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Source:Gainey McKenna& Egleston