NASDAQ: PI Investor Notice: Update in Lawsuit against IMPINJ Inc announced by Shareholders Foundation
SAN DIEGO, CA, October 9, 2019 (Newswire.com) - The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain investors in IMPINJ Inc (NASDAQ:PI) shares.
Investors, who purchased shares of IMPINJ Inc (NASDAQ:PI) in May 2018 or earlier and continue to hold NASDAQ: PI shares, have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.
On February 1, 2018, Impinj announced its preliminary fourth quarter 2017 revenue and reduced its outlook for the first quarter 2018. Additionally, IMPINJ Inc reported that long-time Chief Financial Officer Evan Fein, who has been with the company since 2000, has decided to step down effective March 30.
On August 2, 2018, IMPINJ Inc announced that it was delaying the release of its second quarter 2018 results. IMPINJ Inc further disclosed that its Audit Committee had commenced an independent investigation in connection with a complaint filed by a former employee, and that IMPINJ Inc had contacted the Securities and Exchange Commission ("SEC") to advise the SEC of the independent investigation.
On August 7, 2018, a lawsuit was filed against IMPINJ Inc over alleged violations of Federal Securities Laws. The plaintiff alleges that the defendants failed to disclose that the Company had engaged in conduct that could lead to an employee complaint and/or Audit Committee investigation, that the Company lacked adequate internal and financial controls, and that, as a result of the foregoing, Defendants' statements about Impinj's business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
On February 13, 2019, a consolidated complaint was filed and on March 14, 2019, the defendants filed their motion to dismiss the case. On October 4, 2019, the court denied in part the defendants' motion to dismiss the case.
Those who purchased IMPINJ Inc (NASDAQ: PI) shares should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: Shareholders Foundation, Inc.
Source: Shareholders Foundation, Inc.
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