Contact Information: Contact: Jack G. Fruchter Arthur J. Chen Abraham, Fruchter & Twersky, LLP One Penn Plaza, Suite 2805 New York, N.Y. 10119 Telephone: (212) 279-5050
Abraham, Fruchter & Twersky, LLP Files Class Action Suit Against Immersion Corporation
| Source: Abraham, Fruchter & Twersky, LLP
NEW YORK, NY--(Marketwire - September 3, 2009) - Abraham, Fruchter & Twersky, LLP today
announced that a class action has been commenced in the United States
District Court for the Northern District of California on behalf of
purchasers of Immersion Corporation ("Immersion" or the "Company") (NASDAQ : IMMR ) common stock between May 3, 2007 and June 30, 2009 (the "Class
Period").
The complaint charges Immersion and certain of its officers and directors
with violating Section 10(b) of the Securities Exchange Act of 1934. The
complaint alleges that during the Class Period, defendants issued
materially false and misleading statements regarding the Company's
transactions in its Medical line of business.
According to the complaint, defendants failed to disclose that Immersion's
revenue recognition practices in its Medical line of business were
improper. This caused Immersion's stock to be artificially inflated during
the Class Period, with prices reaching a high of $20.50 per share on July
13, 2007. On July 1, 2009, 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, which could "raise issues with respect to its
previously-reported financial information, which could be material." On
this news, Immersion's stock dropped to close at $3.80 per share that day.
Plaintiff seeks to recover damages on behalf of all purchasers of Immersion
common stock during the Class Period. The Plaintiff is represented by
Abraham, Fruchter & Twersky, LLP which has extensive experience in
securities class action cases, and the firm has been ranked among the
leading class action law firms in terms of recoveries achieved by a survey
of class action law firms conducted by Institutional Shareholder Services.
If you would like to discuss this action or if you have any questions
concerning this notice or your rights as a potential class member or lead
plaintiff, you may contact: Jack G. Fruchter or Arthur J. Chen of Abraham,
Fruchter & Twersky, LLP at 212-279-5050, or via e-mail at
jfruchter@aftlaw.com or achen@aftlaw.com, respectively. If you wish to
serve as lead plaintiff, you must move the Court no later than November 2,
2009. Any member of the proposed class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing and
remain a member of the proposed class.
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.