RADNOR, Pa., Oct. 03, 2018 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a new class action lawsuit has been filed against Impinj, Inc. (NASDAQ: PI) (“Impinj” or the “Company”) on behalf of investors who purchased the Company’s securities between November 3, 2016 and February 15, 2018, inclusive (the “Class Period”).

IMPORTANT DEADLINE:  Investors who purchased Impinj’s securities during the Class Period and suffered a financial loss may, no later than October 9, 2018, seek to be appointed as a lead plaintiff representative of the class. 

Investors who suffered an investment loss in excess of $100,000 are encouraged to immediately contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740, or skaskela@kaskelalaw.com, to discuss their important legal rights and options for recovery.  Additional information about this action, including how to participate in the action, may also be found at http://kaskelalaw.com/case/impinj/.

As alleged in the complaint, during the Class Period Impinj defrauded investors concerning the demand for its integrated circuit (“IC”) tags or “endpoints” that, when attached to an individual item, enable users to determine the item’s identity, location, and authenticity.  Specifically, although the defendants repeatedly touted increased sales and purportedly strong demand for endpoint ICs – which they claimed had been driven by customers’ increasing adoption of Impinj’s technology – in reality, the Company’s “record breaking” revenues in 2016 – 2017 were the result of customers stockpiling inventory to account for Impinj’s production delays and concerns over extended production lead times.

As further detailed in the complaint, when the Company’s supply constraints eventually improved, and IC endpoint lead times shortened, Impinj customers reduced their purchases, which reduced Impinj’s sales during 2018.  Specifically, beginning on August 3, 2017 and continuing through February 15, 2018, Impinj significantly reduced its financial and operational guidance as it disclosed, among other things: (i) “delays in planned expansions at several large customers”; (ii) “decline in endpoint demand”; (iii) a “massive inventory backlog”; and (iv) the expectation that partners would reduce their inventory during the first half of 2018.  These disclosures caused the Company’s stock to decline from $47.92 per share on August 3, 2017 to as low as $11.07 per share on February 16, 2018 – a cumulative decline in value of over 76% during the six-month period.  As a result of the foregoing, investors purchased Impinj’s securities at artificially inflated prices during the Class Period, and have suffered financial damages as a result of defendants’ actions.

Impinj investors with financial losses in excess of $100,000 are encouraged to contact Kaskela Law to discuss this action and their legal rights and options.  Kaskela Law LLC exclusively represents investors in state and federal courts throughout the country.  For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.

CONTACT:

KASKELA LAW LLC
D. Seamus Kaskela, Esq.
201 King of Prussia Road
Suite 650
Radnor, PA 19087
(484) 258 – 1585
(888) 715 – 1740
skaskela@kaskelalaw.com
www.kaskelalaw.com