RADNOR, Pa.--(BUSINESS WIRE)--Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Impinj, Inc. (NASDAQ: PI) (“Impinj” or the “Company”) on behalf of investors who purchased the Company’s securities between May 7, 2018 and August 2, 2018, inclusive (the “Class Period”).
IMPORTANT DEADLINE: Investors who purchased Impinj’s securities during the Class Period may, no later than October 9, 2018, seek to be appointed as a lead representative of the class.
Impinj investors who suffered an investment loss in excess of $50,000 are encouraged to immediately contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740 or http://kaskelalaw.com/case/impinj/ to learn how to participate in the shareholder action and/or to discuss their options for recovery.
On August 2, 2018, Impinj disclosed that it was delaying its second-quarter 2018 earnings release and investor conference call, and that “[t]he Audit Committee of Impinj’s Board of Directors has commenced an independent investigation in connection with a complaint filed by a former employee.” Following this disclosure, shares of the Company’s stock declined $3.02 per share, or over 13.7% in value, to close on August 3, 2018 at $18.97.
The shareholder class action complaint alleges that defendants made materially false and misleading statements during the Class Period and failed to disclose material adverse facts to investors about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (i) that the Company had engaged in conduct that could lead to an employee complaint and/or Audit Committee investigation; and (ii) that the Company lacked adequate internal and financial controls. The complaint further alleges that, as a result of the foregoing, investors purchased Impinj’s securities at artificially inflated prices during the Class Period and sustained investment losses following the Company’s disclosure, and seeks to recover investor losses.
Impinj investors are encouraged to contact Kaskela Law LLC to discuss this action and their legal options for monetary recovery. Kaskela Law LLC exclusively represents investors in state and federal courts throughout the country. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.