Contact Information: Contact: Peretz Bronstein or Eitan Kimelman Bronstein, Gewirtz & Grossman, LLC 212-697-6484
Bronstein, Gewirtz & Grossman, LLC Announces That a Class Action Has Been Filed Against Immersion Corporation
| Source: Bronstein, Gewirtz & Grossman, LLC
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 eitan@bgandg.com.
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.