Key Developments For Immersion Corp
Immersion Corp (IMMR.O) (Consolidated Issue listed on NASDAQ Global Market)
NXT plc Licenses Touch Feedback Technology From Immersion Corporation
NXT plc, announced that it has licensed TouchSense haptics technology from Immersion Corporation. The agreement enables NXT and its licensees to additionally benefit from Immersion's touch feedback intellectual property for touch screen and touch panel applications. In signing the agreement with Immersion NXT and NXT licensees will benefit from access to Immersion's patents and their considerable knowledge in this field, enabling haptic feedback for a wide range of touch enabled products.
Immersion Corporation Appoints Henry Hirvela As CFO-Form 8-K
Immersion Corporation reported in its From 8-K that on October 28, 2009, the Board of Directors appointed Henry Hirvela as interim Chief Financial Officer (CFO).
Murray, Frank & Sailer LLP Files Class Action Lawsuit Against Immersion Corporation
Murray, Frank & Sailer LLP announced that it has filed a class action complaint, in the Northern District of California, against Immersion Corporation 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: that the Company overstated its income tax expense; that the Company improperly recognized revenue; that, as a result, the Company's revenue, accounts receivable, and financial results, were overstated during the Class Period; that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; that the Company lacked adequate internal and financial controls; and that as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
Immersion Corporation Announces Management Change
Immersion Corporation announced that Clent Richardson has resigned, effective immediately, as Chief Executive Officer and a member of the Immersion Board of Directors to pursue other interests. The Board appointed Victor Viegas, a member of Immersion`s Board of Directors and former Chief Executive Officer of Immersion, to serve as interim Chief Executive Officer.
Kirby McInerney LLP Announces Class Action Lawsuit On Behalf of Immersion Corporation Investors
Kirby McInerney LLP announced that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all purchasers of Immersion Corporation publicly traded securities during the period between May 3, 2007 and June 30, 2009 (the Class Period). The lawsuit asserts violations of the federal securities laws against Immersion and certain of its officers and directors. The lawsuit alleges that defendants made misleading statements concerning the Company's transactions in its Medical line of business. In particular, the lawsuit asserts that defendants failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed 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 (GAAP); (5) that the Company lacked adequate internal and financial controls; and (6) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
