The Law Offices of Vincent Wong announce that a class action has commenced on behalf of investors who purchased Fusion-IO, Inc. (“Fusion-IO” or the “Company”) (NYSE:FIO) common stock 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) the Company’s 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.
Shareholders of Fusion-IO have until January 21, 2014, to seek appointment as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. To obtain additional information, contact Vincent Wong, Esq. either via email
, by telephone at 212.425.1140, or visit
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.