Murray, Frank & Sailer LLP Files Class Action Lawsuit Against Immersion Corporation

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Thu Oct 29, 2009 6:24pm EDT

NEW YORK--(Business Wire)--
Murray, Frank & Sailer LLP has filed a class action complaint, in the Northern
District of California, against Immersion Corporation ("Immersion" or the
"Company") (Nasdaq: IMMR) and certain of its officers and directors, on behalf
of shareholders who purchased Immersion securities between May 3, 2007, and July
1, 2009, inclusive. 

The complaint alleges that defendants violated Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 by making false and/or misleading statements
and/or failing to disclose: (1) that the Company overstated its income tax
expense; (2) that the Company improperly recognized revenue; (3) that, as a
result, the Company`s revenue, accounts receivable, and financial results, were
overstated during the Class Period; (4) that the Company`s financial results
were not prepared in accordance with Generally Accepted Accounting Principles;
(5) that the Company lacked adequate internal and financial controls; and (6)
that as a result of the above, the Company`s financial statements were
materially false and misleading at all relevant times. 

On July 1, 2009, before the market opened, the Company issued a press release
announcing that the Audit Committee of the Company`s Board was conducting an
internal investigation into certain previous revenue transactions in its Medical
line of business. On this news, Immersion`s stock dropped over 23% from a close
of $4.94 per share on June 30, 2009, to a close of $3.80 per share on July 1,
2009. 

If you are a member of the class described above, you may move the Court, not
later than November 2, 2009, to serve as Lead Plaintiff for the class. A Lead
Plaintiff is a representative chosen by the Court who acts on behalf of other
class members in directing the litigation. You do not need to be a Lead
Plaintiff to be included in the class. If you purchased Immersion securities and
wish to discuss this litigation, or have any questions concerning this Notice or
your rights or interests with respect to these matters, please contact us.

Murray, Frank & Sailer LLP
Brian D. Brooks, 212-682-1818
800-497-8076
newcase@murrayfrank.com
www.murrayfrank.com

Copyright Business Wire 2009

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