According to the Complaint, iRobot Corporation designs, builds, and sells robots and home innovation products in the U.S., Europe, the Middle East, Africa, Japan, and internationally. The Company is primarily known for its robot vacuum cleaner (“RVC”) products sold under the “Roomba” brand name.

In August 2022, iRobot and Amazon.com, Inc., which sells iRobot's RVCs on its online marketplace, announced their entry into a definitive merger agreement, pursuant to which Amazon would "acquire iRobot for $61 per share in an all-cash transaction valued at approximately $1.7 billion."

On November 27, 2023, the European Commission announced that it "has informed Amazon of its preliminary view that its proposed acquisition of iRobot may restrict competition in the market for [RVCs]." In particular, the EC advised that, "[a]s a result of [its] in-depth investigation, the [EC] is concerned that Amazon may restrict competition in the European Economic Area (‘EEA')-wide and/or national markets for RVCs, by hampering rival RVC suppliers' ability to effectively compete."

On January 29, 2024, Amazon and iRobot announced their entry "into a mutual agreement" to terminate the previously announced Merger.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Merger would place Amazon in a sufficiently dominant position in the market for RVCs 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; (iii) as a result of all the foregoing, iRobot overstated the likelihood for successfully completing the Merger; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.