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Shareholders Foundation, Inc. Logo

Violin Memory Inc (NYSE:VMEM) Investor Lawsuit alleges False and Misleading Statements

A lawsuit was filed on behalf of investors in Violin Memory Inc (NYSE:VMEM) shares over alleged securities laws violations. Deadline: January 27, 2014. NYSE:VMEM investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 
PRLog - Feb. 3, 2014 - An investor, who purchased shares of Violin Memory Inc (NYSE:VMEM), filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Violin Memory Inc in connection with certain allegedly false and misleading statements made in the Company’s September 26, 2013, initial public offering (“IPO”).

If you purchased shares of Violin Memory Inc (NYSE:VMEM), you have certain options and for certain investors are short and strict deadlines running. Deadline: January 27, 2014. NYSE:VMEM investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com (mailto:mail@shareholdersfoundation.com) or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased the common stock of Violin Memory Inc pursuant and/or traceable to the Company’s September 26, 2013 IPO, that Violin Memory Inc, certain of its executive officers and directors, and underwriters of the IPO violated federal securities laws.

The plaintiff alleges that the prospectus and registration statement issued in connection with Violin Memory Inc’s IPO were allegedly false and misleading because they failed to disclose that the Company was being negatively impacted by known trends affecting its sales and revenues. More specifically, the plaintiff claims that Violin Memory Inc allegedly failed to disclose that, prior to the IPO, the Company’s sales and revenues were being negatively impacted by the reprioritization of federal agencies’ budgets due to the uncertainty surrounding the negotiations over the federal budget and the possibility of a shutdown of the federal government.

On November 21, 2013, Violin Memory Inc announced its financial results for the third fiscal quarter that ended on October 31, 2013. Among other things, Violin Memory Inc issued its guidance for its fiscal 2014 fourth quarter.

The plaintiff alleges it was then when Violin Memory Inc disclosed that it had been negatively impacted by the slowdown in spending by the federal government in its first quarter as a public company.

Shares of Violin Memory Inc (NYSE:VMEM) declined from $6.20 per share during November 21, 2013, to as low as $3.00 during November 22, 2013.

On November 26, 2013, NYSE:VMEM shares closed at $3.29 per share.

Those who purchased shares of Violin Memory Inc (NYSE:VMEM) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Contact
Shareholders Foundation, Inc.
+1-(858)-779-1554
mail@shareholdersfoundation.com

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Source:Shareholders Foundation, Inc.
Industry:Business, Finance
Tags:Violin Memory, NYSE: VMEM, class action, lawsuit
Shortcut:prlog.org/12274776
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