SOURCE: Sarraf Gentile LLP

September 03, 2009 12:58 ET

Sarraf Gentile LLP Announces Lawsuit Against Immersion Corporation

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.

Contact Information