On or around 05/19/2020 (Date of last review)
Filing Date: October 24, 2019
According to the Complaint, iRobot Corporation is a global consumer robot company with a portfolio of products focused on indoor and outdoor cleaning applications.
The Complaint alleges that Defendants violated the federal securities laws by making a series of misrepresentations and material omissions concerning the demand for iRobot’s products. Specifically, throughout the Class Period, the Complaint alleges the Company reported explosive double-digit revenue growth which it attributed to increasing demand for its Roomba products, expanded gross margin due to distributor acquisitions, greater brand awareness, and technological innovation, whilei in reality, iRobot engaged in questionable accounting practices and suspicious related-party transactions to mask slowing growth and other negative effects of increased competition.
On December 5, 2019, the Court issued an Order transferring this case to the District of Massachusetts. On January 24, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on April 3.
Company & Securities Information
Defendant: iRobot Corporation
Sector: Consumer Cyclical
Industry: Appliance & Tool
Headquarters: United States
Ticker Symbol: IRBT
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.
First Identified Complaint
Miramar Firefighters' Pension Fund, et al. v. iRobot Corporation, et al.
COURT: S.D. New York
DOCKET #: 19-CV-09837
JUDGE: Hon.Jed S. Rakoff
DATE FILED: 10/24/2019
CLASS PERIOD START: 11/21/2016
CLASS PERIOD END: 10/22/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Bernstein Litowitz Berger & Grossmann LLP (New New York)