SAN DIEGO & SEATTLE--(BUSINESS WIRE)--Aug 30, 2018--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 4, 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/
Impinj Accused of Implementing Inadequate Financial Controls
According to the complaint, Impinj told investors that the company was increasing inventory levels to meet rising market demands and to support its growth. To the contrary, the increased sales Impinj boasted about were not indicative of strong demand from increased product adoption, but the result of customers temporarily purchasing more inventory to account for longer production lead times. As a result, on February 1, 2018, Impinj lowered its first quarter 2018 revenue guidance, resulting in a stock drop of nearly 47%. Then, on August 2, 2018, Impinj revealed that it was unable to timely file its Form 10-Q 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. Finally, on August 13, 2018, Impinj revealed that it had been notified by the NASDAQ that the company was not in compliance with NASDAQ’s listing requirements because of its failure to timely file its financial report, and that failure to bring the reports current could result in the delisting of Impinj’s common stock.
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. Robbins Arroyo LLP offers a FREE portfolio monitoring service, Stock Watch.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20180830005901/en/
CONTACT: Robbins Arroyo LLP
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SOURCE: Robbins Arroyo LLP
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PUB: 08/30/2018 07:42 PM/DISC: 08/30/2018 07:42 PM