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Case Status:    SETTLED
On or around 09/25/2020 (Date of last review)

Filing Date: August 07, 2018

On August 7, 2018, Plaintiff's law firm issued a press release announcing the lawsuit. According to the press release, 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, 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.

The Complaint filed in this class action alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, 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 Impinj’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.

This case was voluntarily dismissed on October 3, 2018. A related case filed under Docket 18-CV-05704 continues in the Western District of Washington.

On January 14, 2019, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint (sealed) on February 13. On March 19, Defendants filed a Motion to Dismiss the consolidated Complaint. On October 4, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiffs were given leave to file a motion to amend the Complaint.

On July 9, 2020, the parties entered into a Stipulation and Agreement of Settlement. The Court issued an Order preliminarily approving the Settlement on July 29.

COMPANY INFORMATION:

Sector: Technology
Industry: Electronic Instruments & Controls
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PI
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 18-CV-06765
JUDGE: Hon. Dale S. Fischer
DATE FILED: 08/07/2018
CLASS PERIOD START: 05/07/2018
CLASS PERIOD END: 08/02/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
No Document Title Filing Date
COURT: W.D. Washington
DOCKET #: 18-CV-05704
JUDGE: Hon. Dale S. Fischer
DATE FILED: 02/13/2019
CLASS PERIOD START: 05/04/2017
CLASS PERIOD END: 08/02/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hagens Berman Sobol Shapiro LLP (New Seattle)
  2. Holzer & Holzer LLC
  3. Robbins Geller Rudman & Dowd LLP (Melville)
No Document Title Filing Date
—Related District Court Filings Data is not available