In re Impinj, Inc. Securities Litigation

Court: United States District Court, Western District of Washington
Case Number: 3:18-cv-05704-RSL
Judge: Hon. Robert S. Lasnik
Class Period: 7/21/16 - 2/15/2018
Case Contacts: Jonathan D. Uslaner, Michael D. Blatchley, Lauren M. Cruz

This is a securities fraud class action filed on behalf of all purchasers of Impinj, Inc. (“Impinj” or the “Company”) common stock between July 21, 2016 and February 15, 2018, inclusive (the “Class Period”), alleging claims pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against Impinj, a manufacturer of radio-frequency identification products used to manage inventory, and three of the Company’s senior executives.

Lead Plaintiff Has Reached a Proposed Settlement for $20 Million

The Court-appointed Lead Plaintiff, Employees’ Retirement System of the City of Baton Rouge and Parish of East Baton Rouge, on behalf of itself and the Settlement Class, has reached a proposed settlement of the Action for $20,000,000 in cash that, if approved, will resolve the Action (the “Settlement”).

If you are a member of the Settlement Class, your rights will be affected and you may be eligible for a payment from the Settlement.  The Settlement Class consists of:

all persons and entities (including, without limitation, their beneficiaries) who purchased or otherwise acquired the publicly traded common stock of Impinj during the period of July 21, 2016 through February 15, 2018, inclusive (the “Class Period”), and were damaged thereby. 

The Settlement Class includes, but is not limited to, those persons and entities who purchased or otherwise acquired their Impinj common stock in, pursuant to, or traceable to the Company’s July 21, 2016 initial public offering or December 2, 2016 secondary public offering during the Class Period and were damaged thereby.  Certain persons and entities are excluded from the Settlement Class by definition (see paragraph 22 of the Notice) or may request exclusion pursuant to the instructions set forth in the Notice (see paragraphs 51-53 of the Notice).

Please read the Notice to fully understand your rights and options.  Copies of the Notice and Claim Form can be found on the Case Documents page.  You may also visit the Settlement website, ImpinjSecuritiesLitigation.com, for more information about the Settlement.

If you are a member of the Settlement Class, in order to be potentially eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than November 27, 2020.

Payments to eligible claimants will be made only if the Court approves the Settlement and a plan of allocation, and only after any appeals are resolved, and after the completion of all claims processing.  Please be patient, as this process will take some time to complete.

IMPORTANT DATES AND DEADLINES

November 27, 2020

Claim Filing Deadline. Claim Forms must be postmarked no later than November 27, 2020 to be eligible for a payment from the Settlement.

October 29, 2020

Exclusion Deadline. To exclude yourself from the Settlement Class, you must submit a written request for exclusion so that it is received no later than October 29, 2020, in accordance with the instructions in the Notice.

October 29, 2020

Objection Deadline. Any objections to the proposed Settlement, the proposed Plan of Allocation, or the motion for attorneys’ fees and expenses, must be submitted or filed no later than October 29, 2020, in accordance with the instructions in the Notice.

November 19, 2020
at 1:30 p.m.

Settlement Hearing.  The Settlement Hearing will be held November 19, 2020 at 1:30 p.m., before the Honorable Robert S. Lasnik either in person at the United States District Court for the Western District of Washington, Courtroom 15106, United States Courthouse, 700 Stewart Street, Seattle, WA 98101, or by telephone or videoconference (in the discretion of the Court).  The Settlement Hearing will be held by the Court to consider, among other things, whether the proposed Settlement is fair, reasonable and adequate and should be approved; whether the proposed Plan of Allocation is fair and reasonable and should be approved; and whether Lead Counsel’s motion for attorneys’ fees and expenses should be approved.

 

The case, which was commenced on October 2, 2018, concerns Defendants’ alleged misrepresentations and omissions regarding the capabilities of and demand for Impinj’s product platform (“Platform”).  The Complaint alleges Defendants falsely told investors that the Company’s Platform had the ability to accurately locate tagged items.  The Complaint alleges that Defendants also falsely claimed that increased demand for the Platform was fueling its record revenue growth.  According to the Complaint, the Platform suffered from poor location accuracy and demand for the Platform was declining during the Class Period.  In response to Defendants’ statements, the price of Impinj’s shares traded at artificially-inflated levels, reaching a high of over $59 per share during the Class Period.  When the truth emerged in a series of partial disclosures, the price declined to $11 per share.

On January 14, 2019, the Court appointed Baton Rouge as Lead Plaintiff for the Class and Bernstein Litowitz Berger and Grossmann LLP as Lead Counsel. 

On February 13, 2019, Lead Plaintiff filed its consolidated class action complaint provisionally under seal.

Defendants moved to dismiss the Complaint, and Plaintiffs opposed their motion. On October 4, 2019, the Defendants’ motion to dismiss was largely denied by the Court.

Discovery in the Action commenced in October 2019. Defendants and third parties produced a total of over 450,000 pages of documents to Lead Plaintiff, and Lead Plaintiff produced over 5,800 pages of documents to Defendants in response to their requests.

While discovery was underway, the Parties agreed to engage in private mediation. A full-day mediation session before Michelle Yoshida of Phillips ADR was held on May 28, 2020. No agreement was reached at the mediation session, but following the mediation, Ms. Yoshida issued a double-blind mediator’s recommendation that the Action and a related New York State action be settled for $20,000,000. On June 10, 2020, Ms. Yoshida informed the Parties that both Plaintiffs and Defendants had accepted the recommendation.

On July 9, 2020, the Parties entered into the Stipulation and Agreement of Settlement, which sets forth the full terms and conditions of the Settlement. On July 10, 2020, Lead Plaintiff filed a motion for preliminary approval of the Settlement with the Court.

On July 29, 2020, the Court entered an Order preliminarily approving the Settlement, approving the mailing of notice to the Settlement Class, and scheduling a final Settlement Hearing for November 19, 2020.

Other Cases of Interest

  • CVS Health Corporation
    District Court of Rhode Island John Rizio-Hamilton, Adam Hollander, Lauren M. Cruz, Matthew Traylor
  • Intel Corporation
    Northern District of California Avi Josefson, Hannah Ross, Jonathan D. Uslaner
  • CenturyLink
    District of Minnesota John C. Browne, Michael D. Blatchley, Richard D. Gluck, Michael Mathai, Amanda Boitano
  • Mylan N.V.
    Western District of Pennsylvania Gerald H. Silk, Avi Josefson, Michael D. Blatchley, Katherine M. Sinderson, Abe Alexander, Kate Aufses
  • Apollo Education Group
    District of Arizona Jonathan D. Uslaner
  • Wells Fargo
    Southern District of New York Jonathan D. Uslaner, Lauren M. Cruz, Will Horowitz
  • HP Inc.
    Northern District of California Jeremy P. Robinson, Jonathan D. Uslaner, Hannah Ross, Avi Josefson, Michael D. Blatchley
  • Energy Transfer LP
    Eastern District of Pennsylvania John C. Browne, Michael D. Blatchley, Hannah Ross, Adam H. Wierzbowski, Michael Mathai, James M. Fee
  • Allianz
    Southern District of New York Hannah Ross, Avi Josefson, James A. Harrod, Michael D. Blatchley, Rebecca N. Kim, Brenna Nelinson, Christopher Miles