Class Action Lawsuit on behalf of investors of Immersion Corporation (Public, NASDAQ:IMMR) over alleged securities laws violations announced – Contact the Shareholders Foundation, Inc at: mail@shareholdersfoundation.com
An investor in IMMR shares filed a lawsuit in the United States District Court for the Northern District of California on behalf of purchasers of Immersion Corporation (NASDAQ:IMMR) publicly traded securities during the period between May 3, 2007 and June 30, 2009 against Immersion Corp and others over alleged violations of Federal Securities Laws. Meanwhile an investigation on behalf of current long term IMMR investors was announced.
If you are a current long term investor in Immersion Corporation (NASDAQ: IMMR) stock and / or purchased IMMR shares between May 1, 2008 and July 1, 2009, you have certain options and you should contact the Shareholders Foundation, Inc. at:
According to the complaint the plaintiff alleges that Immersion and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between May 3, 2007 and June 30, 2009 materially false and misleading statements regarding the Immersion`s transactions in its Medical line of business. Specifically, defendants failed to disclose that Immersion`s revenue recognition practices in its Medical line of business were improper and as a result of defendants` false and misleading statements, Immersion stock (NASDAQ: IMMR) traded at artificially inflated prices between May 3, 2007 and June 30, 2009, reaching a high of $20.50 per share on July 13, 2007, so the lawsuit. Then in February 2008, Immersion announced a correction of its income tax expense for its interim 2007 results. But the plaintiff alleges that the stock continued to trade at artificially inflated levels due to Immersion’s reported profitability. Then, on July 1, 2009, before the market opened, Immersion Corp issued a press release announcing that the Audit Committee of the Company`s Board was conducting an internal investigation into certain previous revenue transactions in its Medical line of business and on this news, Immersion`s stock dropped over 23% from a close of $4.94 per share on June 30, 2009 to a close of $3.80 per share on July 1, 2009, so the lawsuit.
Immersion Corporation, located in San Jose, California, is a provider of haptic technologies that allow people to use their sense of touch while operating a variety of digital devices. Immersion Corp develops and manufactures or licenses a range of hardware and software technologies and products. Immersion Corporation reported in 2007 Total Revenue of $34.70million with a Net Income of $117.02million and in 2008 Total Revenue of $36.53million with a Net Loss of $47.69million. Shares of Immersion Corporation (Nasdaq: IMMR) traded recently at $ 4.29 per share, down from a 52weekHigh of $7.49 per share and over $20 per share in 2007.
Those who are current long term investors in Immersion Corporation (NASDAQ: IMMR) stock and / or purchased IMMR shares between May 1, 2008 and July 1, 2009, have certain options and should contact the Shareholders Foundation, Inc. at:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739 mail@shareholdersfoundation.com www.ShareholdersFoundation.com
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Advertising. The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
