HENDERSONVILLE, TN / ACCESSWIRE / September 16, 2019 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 18 years, announces that purchasers of Impinj, Inc. (PI) have filed a shareholder derivative complaint against the company's officers and directors for breaches of their fiduciary duty, unjust enrichment, and insider selling. Impinj operates a platform that enables wireless connectivity to items by delivering each item's identity, location, and authenticity to applications.
Impinj, Inc. (PI) Accused of Misleading Investors Regarding Product Demand
According to the complaint, throughout the relevant period, Impinj continuously touted the strong demand for its Endpoint ICs and repeatedly stated that customer inventory levels were low. As a result, Impinj reported increased sales and increased customer product adoption. However, Impinj's claims of "accelerated" demand were materially false, as it was actually experiencing long lead times for its products due to production delays, resulting in customers stockpiling inventory to avoid extended lead times. In the second half of 2017, Impinj began reducing its lead time; however, sales were significantly reduced due to customers' previously amassed inventories. Then, on August 2, 2018, Impinj's officers and directors issued a press release stating that Impinj would be delaying the filing of its quarterly report on Form 10-Q for the second quarter of 2018 and its corresponding results. The press release also revealed that Impinj had received a complaint from a former employee and the Audit Committee of the board had commenced an investigation. On this news, Impinj's stock price fell 13.7%, wiping out $64.55 million in market capitalization.
The Law Offices of Timothy L. Miles Encourages Impinj Shareholders to Contact the Firm
If you purchased Impinj securities, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to email@example.com. If you inquire by email please include your mailing address, telephone number, and the number shares purchased.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected as a 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM, and was also recently named as a recipient of the Lifetime Achievement Award by Premier Lawyers of America, a prestigious, invitation-only organization which recognizes the best lawyers in America. Mr Miles maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics and is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, maintains a superb rated attorney by Avvo, and was recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2019); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Distinguished Lawyer, Recognizing Excellence in Securities Law, Lawyers of Distinction (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for 2017 & 2018 (Avvo).
SOURCE: The Law Offices of Timothy L. Miles
View source version on accesswire.com: