Levi & Korsinsky, LLP announces that a IRBT class action lawsuit has been filed on behalf of investors who purchased iRobot Corporation (IRBT) securities between November 21, 2016 and October 22, 2019. For more on the IRBT Lawsuit please contact us today.
According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: Defendants misrepresented the reason for iRobot’s acquisitions of SODC and Robopolis, 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, 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 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.