|[December 03, 2013]
Newman Ferrara LLP Announces Securities Class Action Against Violin Memory, Inc. and Advises of Lead Plaintiff Deadline
NEW YORK --(Business Wire)--
Newman Ferrara LLP announces that a class action lawsuit has been filed
in the Unites States District Court for the Northern District of
California against Violin Memory, Inc. ("Violin" or the "Company")
(NYSE:VMEM) and certain officers and directors, alleging violations of
federal securities laws.
Investors who purchased Violin common stock pursuant and/or traceable to
the Company's September 27, 2013 initial public offering (the "IPO") may
apply with the Court to be appointed Lead Plaintiff no later than
January 27, 2014. The Lead Plaintiff will direct the litigation on
behalf of the other class members.
According to the complaint, on September 27, 2013, Violin Memory Inc.
held its IPO at $9.00 per share. Investment banks, including J.P.
Morgan, Deutsche Bank Securities, Bank of America, Merrill Lynch,
Barclays, Baird, and Pacific Crest Securities acted as nderwriters for
the IPO. Less than two months later, after the market closed on November
21, 2013, the Company reported earnings that were lower than
expectations, that it had burned through half of its IPO cash, and that
its expenses were increasing faster than revenue. In connection with its
earnings miss, J.P. Morgan, the lead underwriter in the IPO,
significantly lowered its price target. Violin's stock plummeted to
close at $3.11 per share on November 22, 2013.
Investors who purchased Violin stock in the IPO may contact Newman
Ferrara partner Jeffrey M. Norton (firstname.lastname@example.org)
by email or call (212) 619-5400 to discuss this lawsuit or the Lead
Whistleblowers: Persons with knowledge that may aid in the
investigation of this matter are encouraged to contact the firm. Under
the Dodd-Frank Wall Street Reform Bill, whistleblowers are protected
from employer retaliation and may be entitled to as much as 30 percent
of the recovery if the information provided leads to a successful action.
Newman Ferrara maintains a multifaceted practice based in New York City
with attorneys specializing in complex commercial and multi-party
litigation, securities fraud and shareholder litigation, consumer
protection, civil rights, and real estate. For more information, please
visit the firm website at www.nfllp.com.
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