Law Offices of Howard G. Smith reminds investors of the October 9, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Impinj, Inc. (Impinj or the Company) (NASDAQ: PI) securities between May 7, 2018 and August 2, 2018, inclusive (the Class Period). Impinj investors have until October 9, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Impinj investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On August 2, 2018, Impinj announced that it was delaying the release of its second quarter 2018 results. The Company further disclosed that its Audit Committee commenced an independent investigation in connection with a complaint filed by a former employee, and that Impinj contacted the Securities and Exchange Commission (SEC) to advise the SEC of the independent investigation. On this news, Impinjs share price fell $3.02 per share, or 13.7%, to close at $18.97 per share on August 3, 2018, on unusually heavy trading volume.
The complaint filed in this class action alleges that Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about the Companys business, operations, and prospects throughout the Class Period. Specifically, the complaint alleges that Defendants failed to disclose: (1) that the Company had engaged in conduct that could lead to an employee complaint and/or Audit Committee investigation; (2) that the Company lacked adequate internal and financial controls; and (3) that, as a result of the foregoing, Defendants statements about Impinjs business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
If you purchased shares of Impinj during the Class Period you may move the Court no later than October 9, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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