mail@shareholdersfoundation.com
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Jul 07, 2009 -
SAN DIEGO, CA (Shareholders Foundation) - An investigation on behalf of investors of Immersion Corporation (Public, NASDAQ:IMMR)
for potential violations of the federal securities laws by Immersion Corp. was announced.
If you are an investor in shares of Immersion Corporation (NASDAQ:IMMR)
you have certain options and you should contact the Shareholders Foundation, Inc. at:
Email: mail@shareholdersfoundation.com
Or call us at: +1 (858) 779 - 1554
According to the investigation by a law firm the investigation on behalf of investors in Immersion Corporation ( NASDAQ:IMMR)
focuses on possible securities laws violations in connection with the following announcements. On July 1, 2009, before the market opened, Immersion Corp. announced that the Audit Committee of the Board of Directors of Immersion Corp was conducting an internal investigation into certain previous revenue transactions in its Medical line of business that could raise material issues with respect to previously reported financial information. The Company’s press release stated, in part, as follows: “The investigation is being conducted with the assistance of outside counsel. The Audit Committee has not yet determined the impact, if any, to Immersion’s historical financial statements. As a result of this investigation, Immersion may discover information that could raise issues with respect to its previously-reported financial information, which could be material. Immersion will not be able to evaluate the full impact of the aforementioned matters until the Audit Committee completes its review and further analysis is completed.” Further, so the investigation by the law firm, Immersion Corp stated that “it is possible that as a result of this investigation, Immersion would be unable to file its quarterly report [for the second quart of 2009] and announce financial results in a timely manner.” On July 1, 2009, Immersion Corp’s publicly traded common stock (NASDAQ: IMMR) declined $1.14 per share, more than 23%, to close at $3.80 per share. Shares of Immersion (NASDAQ:IMMR)
are down from a 52weekHigh of $7.92 per share, over $10 per share in 2008 and over $20 per share in 2007. Immersion Corporation is a provider of haptic technologies that allow people to use their sense of touch while operating a variety of digital devices. Immersion, is locarted in San Jose, California, and develops and manufactures or licenses a range of hardware and software technologies and products. Immersion Corporation (NASDAQ:IMMR)
reported Total Revenue of $34.70million, Operating Income of $125.68million and a net income of $117.02million in 2007 and Total Revenue of $36.53million in 2008.
Those who are investors of Immersion Corporation (NASDAQ:IMMR)
have certain options and should contact the Shareholders Foundation, Inc. at:
Email: mail@shareholdersfoundation.com
Or call us at: +1 (858) 779 - 1554
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-
779-1554
Fax:+1-(858)-
605-5739
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
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Advertising. The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. It is not intended as legal advice and should not be relied upon.
