NEW YORK, June 17, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Intevac, Inc. ("Intevac" or the "Company") IVAC. Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Intevac and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On June 13, 2023, Intevac disclosed that it had retained the investment banking firm Houlihan Lokey Capital to advise it on strategic alternatives. Intevac's Chief Executive Officer stated that "[t]he ongoing challenges within the hard disk drive industry resulted in the unprecedented cancellation of $54 million in 200 Lean system orders late last month."
On this news, Intevac's stock price fell $0.61 per share, or 14.19%, to close at $3.69 per share on June 14, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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