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Levi & Korsinsky announces that a class action lawsuit has been commenced in the USDC for the Northern District of California on behalf of investors who purchased Fusion-IO, Inc. (“Fusion” or the “Company”) (NYSE:FIO) securities between August 10, 2012 and October 23, 2013.
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The complaint alleges that the Company issued materially false and misleading statements and/or failed to disclose material adverse facts concerning the Company’s business, operations, and prospects. In particular, it is alleged that the Company misrepresented the following: a) its supposed position as a leader in the large-scale flash memory application market; b) the level of competition it faced from the commoditization of flash memory products; and c) the Company’s ability to anticipate demand.
On October 23, 2013, the Company announced its financial results for the first quarter of the 2014 fiscal year, revoking its prior revenue guidance and further announcing its expected gross margin in 2014 would fall significantly. Fusion-IO also announced that its Chief Financial Officer and Chief Sales Officer were both leaving the Company. Upon this news, shares of Fusion-IO fell from a price of $12.98 per share to a close of $9.82 per share the following business day.
If you suffered a loss in Fusion-IO you have until January 21, 2014 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at
email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm’s 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.