NEW YORK, Nov. 25, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC announces that a securities class action has been filed in the United States District Court for the Northern District of California on behalf of those who purchased shares of Fuision-io, Inc. ("Fusion") (NYSE: FIO), during the period between August 10, 2012 and October 23, 2013, inclusive (the "Class Period").
The complaint charges Fusion and certain of its executives with violations of federal securities laws. On October 23, 2013, the Company revoked its prior revenue guidance and announced that its expected gross margin in 2014 would fall significantly. The Company also announced that Chief Financial Officer ("CFO") Dennis Wolf and Chief Sales Officer James Dawson were leaving the Company. Following these disclosures, stock analysts commented that lower revenue growth and falling margins could only mean that the competitive pressures facing Fusion-io were more significant than the Company had represented. On this news, shares of Fusion-io fell from $12.98 per share to $9.82 per share, or 24%, on October 23, 2013.
Plaintiff seeks to recover damages on behalf of all Fusion shareholders who purchased common stock during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. January 21, 2014 is the deadline for investors to seek a lead plaintiff appointment. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.