NEW YORK, Oct. 8, 2009 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all purchasers of Immersion Corporation ("Immersion") (Nasdaq:IMMR) publicly traded securities during the period between May 3, 2007 and June 30, 2009 (the "Class Period").
The lawsuit asserts violations of the federal securities laws against Immersion and certain of its officers and directors. The lawsuit alleges that defendants made misleading statements concerning the Company's transactions in its Medical line of business. In particular, the lawsuit asserts that defendants failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company overstated its income tax expense; (2) that the Company improperly recognized revenue; (3) that, as a result, the Company's revenue, accounts receivable, and financial results, were overstated during the Class Period; (4) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (5) that the Company lacked adequate internal and financial controls; and (6) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
When the truth about Immersion's alleged improper accounting practices began to enter the market, the price of the Immersion's stock drastically fell. On July 1, 2009, Immersion announced it was conducting an internal investigation into previous revenue transactions in its Medical line of business. This announcement caused the Company's stock to fall over 23%.
If you acquired Immersion Corporation securities during the Class Period, you may, no later than November 2, 2009, request that the court appoint you lead plaintiff of the class. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions that could affect the overall recovery for class members, including decisions concerning settlement.
If you wish to discuss this action, or have any questions concerning this notice or your rights, please contact us, toll free, at (888) 529-4787 or by email at info.newcases@kmllp.com
Kirby McInerney LLP has specialized in complex litigation, including securities class actions, for several decades. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts that have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and the firm's achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiffs in a securities class action can be obtained through Kirby McInerney LLP's website at http://www.kmllp.com