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NEW YORK, Dec. 14, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Violin Memory, Inc. ("Violin Memory" or the "Company") (NYSE: VMEM) of the
January 27, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Violin Memory, certain executives and the underwriters of the Company's Initial Public Offering ("IPO").
A complaint has been filed on behalf of all persons who purchased or otherwise acquired Violin Memory common stock pursuant and/or traceable to the Company's
September 26, 2013 IPO in the Northern District of
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that Violin Memory failed to disclose in the prospectus and registration statement issued in connection with its IPO that reprioritization of certain federal agencies' budgets affected by the federal budget negotiations and the possibility of a federal government shutdown would negatively impact the Company's sales and revenues.
November 21, 2013, in an investor conference call, Defendant
Donald G. Basile, President and Chief Executive Officer of Violin Memory, reported that the Company was negatively impacted by the slowdown in spending by the federal government.
On this news, the Violin Memory's common stock price dropped
$2.89 per share, or over 48%, to close at
$3.11 per share on
November 22, 2013, on unusually high volume.
Request more information now by clicking here: www.faruqilaw.com/VMEM. There is no cost or obligation to you.Take Action
If you invested in Violin Memory stock or options pursuant and/or traceable to the Company's
September 26, 2013 IPO and would like to discuss your legal rights, visit
www.faruqilaw.com/VMEM. You can also contact us by calling
Richard Gonnello or
Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Violin Memory's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at
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Richard Gonnello, Esq.firstname.lastname@example.orgFrancis McConville, Esq.email@example.comTelephone: (877) 247-4292 or (212) 983-9330
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