|By PR Newswire||
|January 3, 2014 02:56 PM EST||
NEW YORK, Jan. 3, 2014 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Violin Memory, Inc. ("Violin Memory" or the "Company") (NYSE: VMEM) and certain of its officers. The class action, filed in United States District Court, Northern District of California, and docketed under 13-cv-05515, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Violin Memory between September 27, 2013 and November 21, 2013 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Violin Memory securities during the Class Period, you have until January 27, 2014 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Violin Memory develops and supplies memory-based storage systems for high-speed applications, servers and networks in the Americas, Europe and the Asia Pacific.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Violin Memory's statements about the Company's projected revenues for its flash memory sales were based on materially flawed projections; (2) the Company could not in fact reach the revenue goals it had touted to investors and, (3) as a result of the foregoing, Violin Memory's public statements were materially false and misleading at all relevant times.
On November 21, 2013, the company announced its financial results for the third fiscal quarter of 2014. The company reported a higher-than-expected net loss of $0.85 cents a share, and sales of $28.3 million, which were below analysts' expectations. In addition, the company provided revenue guidance between $30 million and $32 million for its 2014 fiscal fourth quarter – well-below consensus estimates in the range of $44 million.
During the earnings call that followed the announcement of financial results, the Company's officers were barraged with questions regarding how the Company could have missed its prior guidance by such a large margin, and also questions regarding why the Company did not inform investors earlier in time regarding the large gap between the sales and revenue figures touted by the Company in presentations to investors and the actual results. On this news, Violin Memory's stock price fell $3.16 per share or more than 47%, from its $6.00 closing price on November 21, 2013, trading as low as $3.18 per share in intraday trading on November 22, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm 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 numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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