Contact Information: Contact: Joseph Gentile SARRAF GENTILE LLP 116 John Street, Suite 2310 New York, NY 10038 T 212.868.3610 F 212.918.7967 joseph@sarrafgentile.com www.sarrafgentile.com
Sarraf Gentile LLP Announces Lawsuit Against Immersion Corporation
| Source: Sarraf Gentile LLP
NEW YORK, NY--(Marketwire - September 3, 2009) - Sarraf Gentile LLP announces that on September
2, 2009, a class action lawsuit was filed against Immersion Corporation
(NASDAQ : IMMR ) and its top officers. The complaint was filed in the United
States District Court for the Northern District of California and seeks
damages for violations of the federal securities laws on behalf of all
investors who purchased Immersion stock between May 3, 2007 and June 30,
2009, inclusive.
According to the complaint, defendants failed to disclose that Immersion's
revenue recognition practices in its Medical line of business were
improper. This caused Immersion's stock to be artificially inflated during
the Class Period. On July 1, 2009, the Company issued a press release
announcing 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, which could "raise issues with respect to its
previously-reported financial information, which could be material." On
this news, Immersion's stock dropped to close at $3.80 per share.
No class has yet been certified in the action. Until a class is certified,
you are not represented by counsel unless you retain one. Sarraf Gentile
LLP has not filed a lawsuit against the defendants.
If you are an Immersion shareholder and want to discuss your legal rights,
at no cost and without obligation, please contact Joseph Gentile at Sarraf
Gentile LLP (telephone: 212-868-3610; e-mail: joseph@sarrafgentile.com).
Sarraf Gentile LLP has extensive experience litigating shareholder class
actions across the United States and has recovered millions of dollars on
behalf of injured shareholders.
ATTORNEY ADVERTISING. Prior results do not guarantee a similar outcome.