NEW YORK, March 11, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of iRobot Corporation (NASDAQ: IRBT)?
- Did you purchase your shares between August 5, 2022 and January 26, 2024, inclusive?
- Did you lose money in your investment in iRobot Corporation?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of iRobot Corporation (“iRobot” or the “Company”) (NASDAQ: IRBT) between August 5, 2022 and January 26, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the District of New Jersey and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired iRobot securities, and/or would like to discuss your legal rights and options please visit iRobot Corporation Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Defendants failed to disclose to investors that: (i) the announced merger between iRobot and Amazon.com, Inc. (“Amazon”) (the “Merger”) would place Amazon in a sufficiently dominant position in the market for robot vacuum cleaners that U.S. and European antitrust regulators were unlikely to approve the Merger; (ii) iRobot had conducted inadequate due diligence into the Merger and/or ignored significant risks weighing against the likelihood of regulatory approval; and (iii) as a result of all the foregoing, iRobot overstated the likelihood for successfully completing the Merger.
On January 29, 2024, Amazon and iRobot announced their entry “into a mutual agreement” to terminate the previously announced Merger. Concurrently, iRobot announced the resignation of its Chief Executive Officer and Chairman of the Board of Directors, as well as plans to cut approximately 31% of its workforce. Later the same day, Reuters reported that the U.S. Federal Trade Commission staff had notified Amazon the week before that it planned to block the Merger.
On this news, iRobot’s stock price fell $1.49, or 8.77%, to close at $15.50 per share on January 29, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than May 7, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired iRobot securities, and/or would like to discuss your legal rights and options please visit iRobot Corporation Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
