Immersion Corporation Hit By Shareholder Lawsuit

An broker in IMMR shares filed a accusation in the United States District Court for the Northern District of California on account of purchasers of Immersion Corporation (NASDAQ:IMMR) about traded balance during the aeon amid May 3, 2007 and June 30, 2009 adjoin Immersion Corp and others over declared violations of Federal Securities Laws.

Those who purchased Immersion Corporation (NASDAQ: IMMR) amid May 1, 2008 and July 1, 2009, accept assertive options and there are austere and abbreviate deadlines running. Deadline: October 30, 2009. Those IMMR investors and accepted abiding IMMR investors should acquaintance the Shareholders Foundation, Inc. at Email: mail(at)shareholdersfoundation.com or alarm us at: +1 (858) 779 - 1554. According to the complaint the plaintiff alleges that Immersion and assertive of its admiral and admiral abandoned the Securities Exchange Act of 1934 by arising amid May 3, 2007 and June 30, 2009 materially apocryphal and ambiguous statements apropos the Immersion`s affairs in its Medical band of business. Specifically, defendants bootless to acknowledge that Immersion`s acquirement acceptance practices in its Medical band of business were abnormal and as a aftereffect of defendants` apocryphal and ambiguous statements, Immersion banal (NASDAQ: IMMR) traded at artificially aggrandized prices amid May 3, 2007 and June 30, 2009, extensive a top of $20.50 per allotment on July 13, 2007, so the lawsuit. Then in February 2008, Immersion appear a alteration of its assets tax amount for its acting 2007 results. But the plaintiff alleges that the banal connected to barter at artificially aggrandized levels due to Immersion’s appear profitability. Then, on July 1, 2009, afore the bazaar opened, Immersion Corp issued a columnist absolution announcement that the Audit Committee of the Company`s Board was administering an centralized analysis into assertive antecedent acquirement affairs in its Medical band of business and on this news, Immersion`s banal alone over 23% from a abutting of $4.94 per allotment on June 30, 2009 to a abutting of $3.80 per allotment on July 1, 2009, so the lawsuit.
Immersion Corporation, amid in San Jose, California, is a provider of haptic technologies that acquiesce humans to use their faculty of blow while operating a array of agenda devices. Immersion Corp develops and articles or licenses a ambit of accouterments and software technologies and products. Immersion Corporation appear in 2007 Total Revenue of $34.70million with a Net Income of $117.02million and in 2008 Total Revenue of $36.53million with a Net Loss of $47.69million. Shares of Immersion Corporation (Nasdaq: IMMR) traded afresh at $ 4.29 per share, down from a 52weekHigh of $7.49 per allotment and over $20 per allotment in 2007.