| Company: | Immersion Corporation |
| Ticker Symbol: | IMMR |
| Class Period: | May-3-07 to Jul-1-09 |
| Date Filed: | Nov-2-09 |
| Lead Plaintiff Deadline: | Jan-1-10 |
| Court: | Northern Distric of California |
| Allegations: | |
The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making false and/or misleading statements and/or failing to disclose: (1) that the Company overstated its income tax expense; (2) that the Company improperly recognized revenue; (3) that, as a result, the Company`s revenue, accounts receivable, and financial results, were overstated during the Class Period; (4) that the Company`s financial results were not prepared in accordance with Generally Accepted Accounting Principles; (5) that the Company lacked adequate internal and financial controls; and (6) that as a result of the above, the Company`s financial statements were materially false and misleading at all relevant times.
On July 1, 2009, before the market opened, 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. 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 acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
