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05.09.2009 | 02:31
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Business Wire · Mehr Nachrichten von Business Wire

Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Immersion Corporation, Announces Class Action Lawsuit and Seeks to Recover Losses

Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of a class consisting of all persons or entities who purchased the securities of Immersion Corporation (“Immersion” or the “Company”) (Nasdaq:IMMR) between May 3, 2007 and June 30, 2009, inclusive (the “Class Period”).

A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at http://www.glancylaw.com.

The Complaint charges Immersion and certain of the Company’s current and former executive officers with violations of federal securities laws. Immersion Corp. develops, manufactures, licenses and supports a range of hardware and software technologies, and products that enhance digital devices with touch interaction. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Immersion’s financial performance were materially false and misleading. Specifically, the Complaint alleges that defendants failed to disclose or indicate the following: (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 (“GAAP”); (5) that the Company lacked adequate internal and financial controls; and (6) as a result of the above, the Company''s financial statements were materially false and misleading at all relevant times.

Then, on July 1, 2009, Immersion shocked investors when it announced that the Audit Committee of the Board of Directors of Immersion was conducting an internal investigation into certain previous revenue transactions in its Medical line of business. The Company further disclosed that as a result of this investigation, Immersion’s previously reported financial information could be materially impacted. As a result of this news, shares of Immersion declined $1.14 per share, more than 23%, to close on July 1, 2009, at $3.80 per share, on unusually heavy trading volume.

Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.

If you are a member of the class described above, you may move the Court, no later than November 2, 2009, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, or Richard A. Maniskas, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.

Contacts:

Glancy Binkow & Goldberg LLP, Los Angeles, CA
Michael Goldberg
Richard A. Maniskas
310-201-9150 or 888-773-9224
info@glancylaw.com
www.glancylaw.com


© 2009 Business Wire

Link: http://www.finanznachrichten.de/nachrichten-2009-09/14874317-glancy-binkow-goldberg-llp-representing-investors-who-purchased-immersion-corporation-announces-class-action-lawsuit-and-seeks-to-recover-losses-004.htm