Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against Fusion-IO, Inc. (“Fusion” or “Company”) (NYSE: FIO). The firms are investigating additional legal claims against the officers and Board of Directors of Fusion during the period of August 10, 2012 and October 23, 2013 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In a recently filed federal class action complaint, Fusion and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that among other things, defendants misrepresented and/or failed to disclose that: (i) Fusion was a market leader in large-scale flash memory applications; (ii) Fusion was not facing any competitive pressure or risk from the commoditization of flash memory products. Defendants also allegedly issued unrealistically positive revenue guidance and misrepresented that the Company was able to anticipate the demand from its strategic customers based on its years of experience as their flash memory supplier. Further, according to the complaint, on October 23, 2013, the Company revoked its prior revenue guidance, announced its expected gross margin in 2014 would fall significantly, and that its CFO and Chief Sales Officer were leaving the company. Following these disclosures, the Company’s stock dropped dramatically.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.