Impinj, Inc. (PI) Accused of Implementing Inadequate Financial Controls

According to the complaint, Impinj, Inc. (PI) told investors that the company was increasing inventory levels to meet rising market demands and to support its growth. To the contrary, the increased sales Impinj boasted about were not indicative of strong demand from increased product adoption, but the result of customers temporarily purchasing more inventory to account for longer production lead times. As a result, on February 1, 2018, Impinj lowered its first quarter 2018 revenue guidance, resulting in a stock drop of nearly 47%. Then, on August 2, 2018, Impinj revealed that it was unable to timely file its Form 10-Q because the company was investigating a complaint filed by a former employee. On this news, Impinj's stock fell nearly 14% to close at $18.97 per share on August 3, 2018. Finally, on August 13, 2018, Impinj revealed that it had been notified by the NASDAQ that the company was not in compliance with NASDAQ's listing requirements because of its failure to timely file its financial report, and that failure to bring the reports current could result in the delisting of Impinj's common stock.

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