Shareholder Alert: Robbins Arroyo LLP Reminds Investors of Complaint Filed Against Officers and Directors of Impinj, Inc. (PI)

SAN DIEGO & SEATTLE--()--Shareholder rights law firm Robbins Arroyo LLP reminds shareholders that purchasers of Impinj, Inc. (NasdaqGS: PI) have filed a shareholder derivative complaint against the company's officers and directors for breaches of their fiduciary duty, unjust enrichment, and insider selling. Impinj operates a platform that enables wireless connectivity to items by delivering each item's identity, location, and authenticity to applications.

If you suffered a loss as a result of Impinj's misconduct, click here.

Impinj, Inc. (PI) Accused of Misleading Investors Regarding Product Demand

According to the complaint, throughout the relevant period, Impinj continuously touted the strong demand for its Endpoint ICs and repeatedly stated that customer inventory levels were low. As a result, Impinj reported increased sales and increased customer product adoption. However, Impinj's claims of "accelerated" demand were materially false, as it was actually experiencing long lead times for its products due to production delays, resulting in customers stockpiling inventory to avoid extended lead times. In the second half of 2017, Impinj began reducing its lead time; however, sales were significantly reduced due to customers' previously amassed inventories. Then, on August 2, 2018, Impinj's officers and directors issued a press release stating that Impinj would be delaying the filing of its quarterly report on Form 10-Q for the second quarter of 2018 and its corresponding results. The press release also revealed that Impinj had received a complaint from a former employee and the Audit Committee of the board had commenced an investigation. On this news, Impinj's stock price fell 13.7%, wiping out $64.55 million in market capitalization.

Impinj, Inc. (PI) Shareholders Have Legal Options

Contact us to learn more:
Leo Kandinov
(800) 350-6003
lkandinov@robbinsarroyo.com
Shareholder Information Form

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. Click Here to receive free alerts from Stock Watch when companies engage in wrongdoing.

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Contacts

Leonid Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San Diego, CA 92122
LKandinov@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com

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Contacts

Leonid Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San Diego, CA 92122
LKandinov@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com