Impinj, Inc. (PI) Accused of Misleading Investors Regarding Product Demand

According to the complaint, on August 3, 2017, Impinj, Inc. (PI) reduced its full-year forecasts, blaming customers' delayed expansion. On November 1, 2017, the company lowered fourth quarter guidance due to "a decline in endpoint IC demand" attributable to customers "adjusting from a transition where we had constrained supply and long lead times to us having a buffer stock in short lead times now." Then, on August 2, 2018, Impinj announced the company would delay its earnings release, earnings call, and the filing of its quarterly report on Form 10-Q with the SEC for its second quarter ended June 30, 2018. The press release also announced that a former employee had filed a complaint with the company and that the audit committee had commenced an independent investigation. Impinj stock now trades significantly lower than prior to the alleged wrongdoing.

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