Security Investigation
iRobot Corporation (NasdaqGS: IRBT)
11 Days left to seek lead plaintiff status.
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Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 7, 2024 to file lead plaintiff applications in a securities class action lawsuit against iRobot Corporation (NasdaqGS: IRBT).
iRobot and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 29, 2024, pre-market, the Company disclosed that it and Amazon had mutually agreed to terminate the “previously announced acquisition agreement, originally signed on August 4, 2022, under which Amazon would have acquired iRobot for cash consideration.” Further, the Company disclosed that it would reduce its workforce by “approximately 350 employees, which represents 31% of the Company’s workforce as of December 30, 2023,” that it “expects to record restructuring charges totaling between $12 million and $13 million, primarily for severance and related costs, over the first two quarters of 2024, with the majority of the restructuring charges anticipated in the first quarter of 2024,” and that its Chairman of the Board and CEO had stepped down.
On this news, the price of iRobot’s shares fell $1.49 per share, or 8.77%, to close at $15.50 per share on January 29, 2024.
If you purchased securities of iRobot and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or fill out the form on this page.
The case is Das v. iRobot Corporation, 24-cv-02138.