SOURCE: Izard Nobel LLP

September 08, 2009 15:43 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Immersion Corporation

WEST HARTFORD, CT--(Marketwire - September 8, 2009) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of those who purchased the common stock of Immersion Corporation ("Immersion" or the "Company") (NASDAQ: IMMR) between May 3, 2007 and June 30, 2009, inclusive (the "Class Period").

The Complaint charges that Immersion and certain of its officers and directors violated federal securities laws. It is alleged that defendants issued materially false and misleading statements regarding the Company's transactions in its Medical line of business. Specifically, defendants concealed the following facts from the investing public during the Class Period: (i) the Company's revenue recognition practices with respect to its Medical line of business did not comply with Generally Accepted Accounting Principles; and (ii) the Company's reported revenue and earnings were overstated due to the Company's false accounting.

On July 1, 2009, before the market opened, Immersion 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. On this news, Immersion's stock dropped over 23% from a close of $4.94 per share on June 30, 2009 to a close of $3.80 per share on July 1, 2009.

If you are a member of the class, you may, no later than November 2, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/immersion/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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