Kehoe Law Firm, P.C. has commenced an investigation on behalf of Impinj, Inc. investors concerning possible securities laws violations.
On August 2, 2018, Impinj (NASDAQ: PI), “a leading provider and pioneer of RAIN RFID solutions for identifying, locating and authenticating everyday items,” announced that it would delay releasing its second quarter 2018 results and investor conference call, as well as the filing of PI’s Form 10-Q for the quarter ended June 30, 2018, because it is commencing a probe into a complaint filed by a former employee. Impinj also noted that the company contacted the Securities and Exchange Commission regarding the independent investigation.
According to Impinj:
The Audit Committee of Impinj’s Board of Directors has commenced an independent investigation in connection with a complaint filed by a former employee. The Audit Committee has retained independent counsel to assist it in its investigation. Impinj has contacted the Securities and Exchange Commission . . . to advise it that an independent investigation is underway, and the Audit Committee intends to provide additional information to the SEC as appropriate as the investigation proceeds. Impinj cannot predict the duration or outcome of the investigation, and will not be in a position to file Form 10-Q until the Audit Committee completes its investigation (emphasis added).
Impinj also stated that “[b]ecause the investigation is not yet completed and no conclusions with respect thereto have been reached, Impinj is currently unable to determine whether any changes will be required with respect to its reported results of operations for the three and six months ended June 30, 2018 or any other period, as well as any impact on the Company’s internal control over financial reporting.”
On this news, Impinj’s 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.
Impinj, Inc. Class Action Lawsuit Filed
On August 7, 2018, a class action on behalf of persons and entities that acquired Impinj securities between May 7, 2018 and August 2, 2018, inclusive (the “Class Period”), was filed in United States District Court, Central District of California, seeking to pursue remedies under the Securities Exchange Act of 1934. According to the class action complaint:
Throughout the Class Period, [Impinj] Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about [Impinj’s] business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that [Impinj] had engaged in conduct that could lead to an employee complaint and/or Audit Committee investigation; (2) that [Impinj] lacked adequate internal and financial controls; and (3) that, as a result of the foregoing, Defendants’ statements about Impinj’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the [Impinj’s] securities, Plaintiff and other Class members have suffered significant losses and damages (emphasis added).
Impinj Investors & Shareholders
If you purchased or acquired shares of PI between May 7, 2018 and August 2, 2018, inclusive, and would like to speak privately with a securities attorney to learn more about the securities investigation or your legal rights as an investor, please contact John Kehoe, Esq., [email protected], [email protected], (215) 792-6676, Ext. 801, or complete the form above on the right.