SAN DIEGO & SEATTLE--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Impinj, Inc. (NasdaqGS: PI) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between May 7, 2018 and August 2, 2018. Impinj operates a platform that enables wireless connectivity to everyday items by delivering each item's unique identity, location, and authenticity to business and consumer applications.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/impinj-inc-pi/
Impinj Accused of Implementing Inadequate Financial Controls
According to the complaint, Impinj told investors in a public filing that it believed the company was "on track to make the first half of 2018 the turning point for our business." To the contrary, Impinj had engaged in conduct that led to an investigation by its Audit Committee. On August 2, 2018, Impinj revealed that it would not be able to file its Form 10-Q on time because the company was investigating a complaint filed by a former employee. On this news, Impinj's stock fell nearly 14% to close at $18.97 per share on August 3, 2018.
Impinj Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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