RADNOR, Pa., Oct. 08, 2018 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a class action lawsuit has been filed against Impinj, Inc. ( PI) (“Impinj” or the “Company”) on behalf of investors who purchased the Company’s common stock between November 3, 2016 and February 15, 2018, inclusive (the “Class Period”).
IMPORTANT DEADLINE: Investors who purchased Impinj’s common stock during the Class Period may, no later than October 9, 2018, seek to be appointed as a lead plaintiff representative in the action.
Investors who purchased the Company’s common stock during the Class Period and suffered an investment loss in excess of $100,000 are encouraged to immediately contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740, or [email protected], to discuss this action and their legal rights and options for recovery. Additional information about this action may also be found at http://kaskelalaw.com/case/impinj/.
As alleged in the complaint, during the Class Period Impinj defrauded investors concerning the demand for its integrated circuit (“IC”) tags or “endpoints” that, when attached to an individual item, enable users to determine the item’s identity, location, and authenticity. As further detailed in the complaint, when the Company’s supply constraints eventually improved, and IC endpoint lead times shortened, Impinj customers reduced their purchases, which reduced Impinj’s sales during 2018.
Specifically, beginning on August 3, 2017 and continuing through February 15, 2018, Impinj significantly reduced its financial and operational guidance as it disclosed, among other things: (i) “delays in planned expansions at several large customers”; (ii) “decline in endpoint demand”; (iii) a “massive inventory backlog”; and (iv) the expectation that partners would reduce their inventory during the first half of 2018. These disclosures caused the Company’s stock to decline from $47.92 per share on August 3, 2017 to as low as $11.07 per share on February 16, 2018 – a cumulative decline in value of over 76% during the six-month period.
Impinj investors with financial losses in excess of $100,000 are encouraged to immediately contact Kaskela Law LLC to discuss this action and their legal rights and options. Kaskela Law LLC exclusively represents investors in state and federal courts throughout the country. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
201 King of Prussia Road
Suite 650
Radnor, PA 19087
(484) 258 – 1585
(888) 715 – 1740
[email protected]
www.kaskelalaw.com
