The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased iRobot Corporation (NASDAQ: IRBT) securities between November 21, 2016 and October 22, 2019.
According to the iRobot lawsuit, defendants misrepresented the reason for iRobot’s acquisitions of Tokyo-based Sales on Demand Corporation and privately-held Robopolis SAS, which was to control the Company’s largest distributors so that defendants could inflate sales and revenue figures by stuffing the channel. Defendants further misled investors by repeatedly telling them throughout the Class Period that the Company was seeing continued double-digit revenue growth, and by attributing the growth to increased demand for the Roomba vacuums, when in reality defendants were engaging in channel-stuffing to artificially boost sales. Defendants also misstated that the Company’s channel inventory levels had not changed and would not change dramatically from quarter to quarter or year over year, when in fact iRobot was deliberately stuffing the channel in order to claim false revenue growth.
If you suffered a loss in iRobot you have until December 23, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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