Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of iRobot Corporation who purchased shares between November 21, 2016 and October 22, 2019.
iRobot and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On October 22, 2019, post-market, the Company disclosed disappointing 3Q2019 financial results including cuts to the high end of its annual revenue forecast, from $1.25 billion to $1.21 billion; a roll back of price increases after a “suboptimal” customer response, and continuing significant increases of inventory levels.
On this news, the price of iRobot’s shares fell from $54.03 per share on October 22, 2019, to $49.06 per share on October 23, 2019 on unusually high trading volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until December 23, 2019 to request that the court appoint them lead plaintiff.