COMPANY |
iRobot Corporation |
COURT |
United States District Court for the District of Massachusetts |
CASE NUMBER |
19-cv-12536 |
JUDGE |
The Hon. Denise Jefferson Casper |
CLASS PERIOD |
September 13, 2017 - October 22, 2019 |
SECURITY TYPE |
All Securities |
Case Background:
On October 24, 2019 the initial complaint in this securities class action was filed against iRobot Corporation (“iRobot” or the “Company”), and certain of iRobot’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act.
The complaint alleges that Defendants violated the federal securities laws by making a series of misrepresentations and material omissions concerning the demand for iRobot’s products. Specifically, throughout the class period, the complaint alleges the Company reported explosive double-digit revenue growth which it attributed to increasing demand for its Roomba products, expanded gross margin due to distributor acquisitions, greater brand awareness, and technological innovation, while in reality, iRobot engaged in questionable accounting practices and suspicious related-party transactions to mask slowing growth and other negative effects of increased competition.
This is a federal securities class action on behalf on behalf of all persons and entities who purchased iRobot securities from September 13, 2017 through October 22, 2019, inclusive.
Current Status of Case:
On April 3, 2020, Plaintiff filed a consolidated complaint (the “Complaint”). Defendants filed a Motion to Dismiss the Complaint on May 19, 2020. On March 12, 2021, the Court entered an Order granting the Defendants’ Motion to Dismiss. This case has concluded.
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 Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.