According to the Complaint, Defendants failed to disclose to investors that: (i) the announced merger between iRobot and Amazon.com, Inc. (“Amazon”) (the “Merger”) would place Amazon in a sufficiently dominant position in the market for robot vacuum cleaners that U.S. and European antitrust regulators were unlikely to approve the Merger; (ii) iRobot had conducted inadequate due diligence into the Merger and/or ignored significant risks weighing against the likelihood of regulatory approval; and (iii) as a result of all the foregoing, iRobot overstated the likelihood for successfully completing the Merger.

On January 29, 2024, Amazon and iRobot announced their entry “into a mutual agreement” to terminate the previously announced Merger.  Concurrently, iRobot announced the resignation of its Chief Executive Officer and Chairman of the Board of Directors, as well as plans to cut approximately 31% of its workforce.  Later the same day, Reuters reported that the U.S. Federal Trade Commission staff had notified Amazon the week before that it planned to block the Merger.

On this news, iRobot’s stock price fell $1.49, or 8.77%, to close at $15.50 per share on January 29, 2024.

If you wish to serve as lead plaintiff, you must move the Court no later than May 7, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

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