THE LAWSUIT: A class action securities lawsuit was filed against iRobot Corporation (IRBT) that seeks to recover losses of iRobot shareholders who were adversely affected by alleged securities fraud between February 2, 2019 and February 2, 2024
CASE DETAILS: In 2022, Amazon.com, Inc. announced it intended to acquire iRobot, maker of the Roomba line of automated vacuums for approximately $1.7 billion. In November 2023, the European Commission, the European Union’s trade authority, issued an initial opinion concerning the deal, highlighting potential anti-competitive implications. Amazon signaled it would not remedy the problems the Commission raised. Then, on January 17, 2023, iRobot entered into a $200 million debt agreement with Bank of America. Amazon abruptly reversed course in response to the announcement, decreased their proposed purchase price of iRobot by about 15%, and ultimately terminated the deal in its entirety.
Between iRobot’s announcement of the Bank of America loan and Amazon’s termination of the agreement, iRobot’s stock price declined by approximately $14.50 per share or almost 50%.
WHAT’S NEXT? If you suffered a loss in iRobot stock during the relevant time frame – even if you still hold your shares – go to https://zlk.com/pslra-1/irobot-lawsuit-submission-form?wire=18 to learn about your rights to seek a recovery. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
https://zlk.com/
