Wolf Haldenstein Adler Freeman & Herz LLP Commences Class Action Lawsuit on Behalf of Immersion Corporation Investors

• Press Release
• Source: Wolf Haldenstein Adler Freeman & Herz LLP
• On 1:25 pm EDT, Tuesday September 29, 2009

NEW YORK--(BUSINESS WIRE)--On September 28, 2009, Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit in the United States District Court, Northern District of California, on behalf of all persons who purchased the common stock of Immersion Corporation (“Immersion” or the “Company”) (NASDAQ:IMMR - News) between May 4, 2007 and June 30, 2009 against certain officers and directors of Immersion pursuant to Sections 10(b) and 20(a) of the Exchange Act [15 U.S.C. §§ 78j(b) and 78t(a)] and Rule 10b-5 promulgated thereunder by the SEC [17 C.F.R. § 240.10b-5] (the “Class”).

Related Quotes

Symbol	Price	Change
IMMR	4.08	0.00

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The case name is styled Buell v. Victor Viegas, et al. The civil action number is 09 cv 4561. A copy of the complaint filed in this action is available from the Court, or can be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at www.whafh.com.

The Complaint alleges that during the Class Period, the Defendants knowing concealed material information from the investing public. Defendants knew that that Company’s revenue recognition practices for the Medical line of business failed to comply with GAAP. Defendants also knew that Immersion’s reported revenue and earnings were materially overstated, as a result of improper accounting practices.

The Company’s stock was greatly inflated by the false statements and misleading financial reports prepared by the Defendants.

On July 1, 2009, the Company issued a press release entitled “Immersion Corporation Announces Internal Investigation.” The market reacted quickly and decidedly negatively to the news, the Company’s stock spiraled down over 23% from its previous closing price of $4.94 per share to a closing price of $3.80 per share on July 1, 2009, on a volume of 1.5 million shares.

In ignorance of the false and misleading nature of the statements described in the complaint, and the deceptive and manipulative devices and contrivances employed by said defendants, plaintiff and the other members of the Class relied, to their detriment, on the integrity of the market price of Immersion common stock. Had plaintiff and the other members of the Class known the truth, they would not have purchased Immersion securities at the inflated prices that were paid.

If you purchased Immersion common stock, you may request that the Court appoints you as lead plaintiff no later than November 2, 2009. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 70 attorneys in various practice areas; and offices in Chicago, New York City, San Diego, and West Palm Beach. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735 (Gregory Mark Nespole, Esq., Gustavo Bruckner, Esq., or Derek Behnke), via e-mail at classmember@whafh.com or visit our website at www.whafh.com. All e-mail correspondence should make reference to Immersion.

Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Mark Nespole, Esq.
Gustavo Bruckner, Esq.
or
Derek Behnke
(800) 575-0735
classmember@whafh.com