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The complaint charges Yum and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Mellanox is a fabless semiconductor company that produces and supplies high-performance interconnect products that facilitate efficient data transmission between servers, storage systems and communications infrastructure equipment and other embedded systems.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that: (a) Mellanox was receiving a continuous stream of customer complaints concerning glitches it its InfiniBand product offerings during the Class Period; (b) Mellanox knew that the pace of Intel Corporation's ("Intel") development of its own competing InfiniBand adaptor would both diminish Intel's demand for Mellanox's product offering and detrimentally increase competition in the InfiniBand market in which Mellanox enjoyed a near monopoly; (c) Mellanox knew that its outsized 1Q and 2Q sales growth were not sustainable and were not the result of Defendants' business acumen, growth in the InfiniBand market generally, or significant adoption by the market of Mellanox's own InfiniBand product offerings, but was instead due to short-term sales boosts attributable to Intel's rollout of the Romley CPU upgrade; (d) Mellanox's inventory was dramatically increasing, both at the Company and in the hands of at least one significant OEM customer, which would decrease sales and profit margins going forward; and (e) as a result, Mellanox knew its actual sales growth supported neither its own 4Q 2012 guidance nor the inflated share price targets the investment community was modeling based on Defendants' bullish Class Period statements and guidance. As a result of defendants' false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.