|[December 16, 2013]
Bernstein Litowitz Berger & Grossmann LLP Reminds Shareholders with Losses on Their Investment in Fusion-io, Inc. of Class Action Lawsuit and Upcoming Deadline
NEW YORK --(Business Wire)--
On November 19, 2013, Bernstein Litowitz Berger & Grossmann LLP
("BLB&G") filed the first class action lawsuit against Fusion-io (News - Alert), Inc.
("Fusion-io" or the "Company") (NYSE: FIO), and certain of its senior
executives (collectively "Defendants"). The Action, which is captioned Miami
Police Relief & Pension Fund v. Fusion-io, Inc., et al., No.
5:13-cv-05368 (N.D. Cal.), asserts claims under Sections 10(b) and 20(a)
of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) and 78t(a),
and SEC (News - Alert) Rule 10b-5 promulgated thereunder, 17 C.F.R. § 240.10b-5, on
behalf of investors who purchased or otherwise acquired Fusion-io
securities during the period from August 10, 2012 to October 23, 2013,
inclusive (the "Class Period").
Any member of the proposed Class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing
and remain a member of the proposed Class. If you wish to serve as lead
plaintiff for the Class, you must file a motion with the Court no later
than January 21, 2014.
The Complaint alleges that during the Class Period, Fusion-io and
certain of its senior executives violated provisions of the Exchange Act
by issuing false and misleading press releases, financial statements,
filings with the Securities and Exchange Commission ("SEC"), and
statements during investor confrence calls. Fusion-io is a computer
hardware and software systems company that designs and manufactures
memory storage solutions using flash memory technology. Since the
Company's initial public offering in 2011, a limited number of what the
Company calls "strategic" customers have accounted for a significant
portion of the Company's revenues.
As alleged in the Complaint, Defendants misrepresented to investors that
the Company was a market leader in large-scale flash memory applications
and was not facing any competitive pressure or risk from the
commoditization of flash memory products. Defendants also issued
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. As a result of Defendants'
false statements and omissions, Fusion-io's securities traded at
artificially inflated prices during the Class Period. After the market
closed on October 23, 2013, the Company revoked its prior revenue
guidance and announced that its expected gross margin in 2014 would fall
significantly, indicating that the competitive pressures facing
Fusion-io were more significant than Defendants had represented. That
disclosure caused a material decline in the price of Fusion-io stock.
Plaintiff Miami Police Relief & Pension Fund is represented by BLB&G, a
firm of over 100 attorneys with offices in New York, California,
Louisiana and Illinois. If you wish to discuss this Action or have any
questions concerning this notice or your rights or interests, please
contact Avi Josefson of BLB&G at 212-554-1493, or via e-mail at firstname.lastname@example.org.
Since its founding in 1983, BLB&G has built an international reputation
for excellence and integrity. Specializing in securities fraud,
corporate governance, shareholders' rights, employment discrimination,
and civil rights litigation, among other practice areas, BLB&G
prosecutes class and private actions on behalf of institutional and
individual clients worldwide. Unique among its peers, BLB&G has obtained
several of the largest and most significant securities recoveries in
history, recovering billions of dollars on behalf of defrauded
investors. More information about BLB&G can be found online at www.blbglaw.com.
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