Employees' Retirement System of the City of Baton Rouge and Parish of East Baton Rouge v. Impinj, Inc. et al.
|Court:||United States District Court for the Western District of Washington at Seattle|
|Class Period:||November 3, 2016 to February 15, 2018, inclusive|
|Case Contacts:||Avi Josefson, Michael D. Blatchley|
This is a securities class action lawsuit on behalf of a class of persons and entities who purchased or acquired Impinj, Inc. (“Impinj” or the “Company”) securities between November 3, 2016 and February 15, 2018, inclusive (the “Class Period”), against Impinj, and certain of the Company's senior executives (collectively, “Defendants”). The action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), 15 U.S.C. §§ 78j(b) and 78t(a), and SEC Rule 10b-5 promulgated thereunder.
The complaint alleges that throughout the Class Period, Impinj defrauded investors concerning the demand for its integrated circuit tags (“ICs”) or “endpoints” that, when attached to an individual item, enable users to determine the item's identity, location, and authenticity. Specifically, Defendants repeatedly touted increased sales and purportedly strong demand for endpoint ICs, which Defendants claimed had been driven by customers' increasing adoption of Impinj's technology.
In truth, the demand for Impinj's ICs was driven by customers stockpiling inventory to account for Impinj's production delays and concerns over extended production lead times. When the Company's supply constraints eventually improved and endpoint lead times shortened, Impinj customers drastically reduced their purchases, causing the Company's earnings and stock price to decline.
If you wish to discuss this action or have any questions concerning your rights or interests, please contact Michael D. Blatchley at 212-554-1281 or at firstname.lastname@example.org.
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