NEW YORK, March 13, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of all persons and entities who purchased or otherwise acquired securities of iRobot Corporation (NASDAQ: IRBT) between August 5, 2022 and January 26, 2024, both dates inclusive (the “Class Period”)
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Merger, Amazon.com, Inc.’s (“Amazon”) acquiring of iRobot, would place Amazon in a sufficiently dominant position in the market for robot vacuum cleaners (“RVCs”) that U.S. and European antitrust regulators were unlikely to approve the Merger; (2) iRobot had conducted inadequate due diligence into the Merger and/or ignored significant risks weighing against the likelihood of regulatory approval; (3) as a result of all the foregoing, iRobot overstated the likelihood for successfully completing the Merger; and (4) as a result, iRobot’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of iRobot should contact the Firm prior to the May 7, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
