An investigation for investors in NASDAQ:INVE was announced concerning possible breaches of fiduciary duties by certain directors of Identiv Inc.
Investors who are current long term investors in Identiv Inc (NASDAQ:INVE) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for investors in NASDAQ:INVE stocks follows a lawsuit filed recently against Identiv Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:INVE stocks, concerns whether certain Identiv directors are liable in connection with the allegations made in that lawsuit. The plaintiff alleges that the defendants made false and/or misleading statements regarding, among other things, the Company’s revenue recognition practices, key accounting metrics, and its internal controls.
On May 1, 2015, Identiv Inc announced that it “filed a Form 12b-25 with the Securities and Exchange Commission with respect to its annual report on Form 10-K for the period ended December 31, 2014 (the “Annual Report”). Identiv Inc said that it needs additional time to complete the information called for by Item III of Form 10-K, including the executive compensation information (the “Part III Information”) which Identiv Inc was not able to complete by April 30, 2015 (the prescribed due date for the inclusion of the Part III Information in the Company’s Annual Report filing) without unreasonable effort or expense due to the circumstances described below. Identiv Inc said it had been served with a complaint from a former employee alleging, among other things, certain expense reimbursement issues with respect to certain executive officers and certain other employees of the Company. Identiv Inc said that its Board of Directors has formed a special committee (the “Committee”) to investigate the allegations contained in the Complaint and related matters with the assistance of independent counsel.
On November 30, 2015, Identiv Inc disclosed in a filing with the U.S. Securities and Exchange Commission (“SEC”) that its independent accounting firm, BDO USA, LLP (“BDO”), had resigned, was unwilling to be associated with the consolidated financial statements for any fiscal periods within 2015, and would not complete its reviews of the financial information for the periods ended March 31, 2015, June 30, 2015, or September 30, 2015. BDO’s resignation was reportedly over two material weaknesses in the company’s internal controls related to the company’s entity level controls and revenue recognition.
Shares of Identiv Inc (NASDAQ:INVE) declined to as low as $1.61 per share on December 7, 2015.
Those who purchased NASDAQ:INVE shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com