LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz (“FRC”) announces an investigation on behalf of iRobot Corporation (“iRobot” or the “Company”) (NASDAQ: IRBT) investors concerning the Company and its officers’ possible violations of federal securities laws.
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On April 23, 2019, after the market closed, the Company announced quarterly revenues that were below analyst expectations and disclosed increased inventory levels of 140 days in inventory (“DII”), compared to 101 DII the prior year period.
On this news, the Company’s share price fell $30.15, or over 23%, to close at $100.42 per share on April 24, 2019, thereby injuring investors.
Then, on July 23, 2019, after the market closed, the Company lowered its full-year guidance, expecting revenue between $1.2 billion and $1.25 billion, from prior guidance between $1.28 billion and $1.31 billion.
On this news, the Company’s share price fell $15.12, or nearly 17%, to close at $74.51 per share on July 24, 2019, thereby injuring investors further.
On October 22, 2019, after the market closed, the Company lowered the high-end of its full-year revenue guidance from $1.25 billion to $1.21 billion, due to its rollback of price increases after a “suboptimal” customer response. iRobot also reported increased inventory levels of $248 million or 149 DII, compared the prior year period of $161 million or 113 DII.
On this news, the Company’s share price fell $4.97, or over 9%, to close at $49.06 per share on October 23, 2019, thereby injuring investors further.
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If you purchased iRobot securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of FRC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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