NEW ORLEANS, April 02, 2024 (GLOBE NEWSWIRE) -- 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), if they purchased the Company’s securities between August 5, 2022 and January 26, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of New Jersey.
What You May Do
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 visit https://www.ksfcounsel.com/cases/nasdaqgs-irbt/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by May 7, 2024.
About the Lawsuit
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.
The case is Das v. iRobot Corporation, 24-cv-02138.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163
