Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Fusion-io, Inc. (“Fusion-io” or the “Company”) (NYSE: FIO) common stock during the period between August 10, 2012 and October 23, 2013, inclusive (the “Class Period”).
If you have suffered a net loss from investment in Fusion-io, Inc. common stock purchased on or after August 10, 2012, and held through any of the revelations of negative information on January 30, 2013, May 8, 2013, and/or October 23, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 21, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants misrepresenting during the Class Period that the Company was a market leader in large-scale flash memory applications and was not facing competitive pressures and that the Company was able to anticipate the demand from its strategic customers based on its years of experience as their flash memory supplier. According to the complaint, following the Company’s January 30, 2013 disclosure that it no longer anticipated achieving its previously issued earnings guidance for the fiscal third quarter of 2013 and fiscal year 2013, the Company’s May 8, 2013 disclosure that its co-founders David A. Flynn and Rick White, were leaving the Company and the Company’s October 23, 2013 disclosure that it was revoking its prior guidance and expected gross margin in 2014 would fall significantly and that its Chief Financial Officer and Chief Sales Officer were also leaving the Company, the value of Fusion-io shares declined significantly.