SOURCE: Bronstein, Gewirtz & Grossman, LLC

September 04, 2009 13:05 ET

Bronstein, Gewirtz & Grossman, LLC Announces That a Class Action Has Been Filed Against Immersion Corporation

NEW YORK, NY--(Marketwire - September 4, 2009) - Bronstein, Gewirtz & Grossman, LLC announces that a class action has been filed in the United States District Court for the Northern District of California on behalf of those who purchased or otherwise acquired stock of Immersion Corporation ("Immersion" or the "Company") (NASDAQ: IMMR), during the period from May 3, 2007 through and including June 30, 2009 (the "Class Period").

The Complaint charges that defendant violated federal securities laws. The complaint alleges defendants failed to disclose that the Company's revenue recognition practices in its medical line of business were improper. As a result, Immersion's stock was artificially inflated during the Class Period, with share prices reaching as high as $20.50 on July 13, 2007. On July 1, 2009, Immersion issued a press release announcing that the audit Committee of the Company's Board was conducting an internal investigation into certain previous revenue transactions, which could "raise issues with respect to it previously -- reported financial information, which could be material." The stock dropped approximately $3.80 per share that day on this news.

No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email Those who inquire by e-mail are encouraged to include their mailing address and telephone number. November 2, 2009 is the deadline for investors to seek a lead plaintiff appointment.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate work, private securities offerings, and securities arbitration.

Contact Information

  • Contact:
    Peretz Bronstein or Eitan Kimelman
    Bronstein, Gewirtz & Grossman, LLC
    Email Contact