Impinj, Inc. (PI) Accused of Implementing Inadequate Financial Controls
According to the filed class action complaint against the Impinj, Inc. (PI)’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between May 7, 2018 and August 2, 2018. Impinj, Inc. (PI) told investors in a public filing that it believed the company was “on track to make the first half of 2018 the turning point for our business.” To the contrary, Impinj had engaged in conduct that led to an investigation by its Audit Committee. On August 2, 2018, Impinj revealed that it would not be able to file its Form 10-Q on time 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.