SOURCE: Brower Piven, A Professional Corporation

September 11, 2009 17:09 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in Immersion Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the November 2, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - September 11, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of the publicly traded securities of Immersion Corporation ("Immersion" or the "Company") (NASDAQ: IMMR) during the period between May 3, 2007 and June 30, 2009, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 2, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that Immersion's improper revenue recognition practices, in its Medical line of business, in violation of Generally Accepted Accounting Principles, caused Immersion's revenue and earnings to be overstated and its stock to be artificially overvalued. According to the complaint, though a February 2008 announcement of a correction of its income tax expense for its interim 2007 results caused the value of the Company's stock to drop somewhat, the shares continued to trade at inflated levels until the Company announced that the Audit Committee of the Company's Board was conducting an internal investigation into certain previous revenue transactions in its Medical line of business, after which the value of Immersion's stock declined significantly.

If you have suffered a net loss for all transactions in Immersion Corporation publicly traded securities during the Class Period (including shares or possibly calls purchased during, but not sold until after the end of the Class Period or possibly put options sold but not covered until after the end of the Class Period), you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    410/986-0036
    Email Contact