|[January 04, 2014]
Lieff Cabraser Reminds Violin Memory Inc. Investors of Upcoming Deadline in Class Action Litigation - VMEM
SAN FRANCISCO --(Business Wire)--
Lieff, Cabraser, Heimann & Bernstein, LLP reminds investors of the
January 27, 2014 deadline to move for appointment as lead plaintiff in
class litigation brought on behalf of purchasers of the securities of
Violin Memory, Inc. ("Violin Memory" or the "Company") (NYSE:VMEM)
between September 27, 2013 and November 21, 2013, inclusive (the "Class
Period"), including all purchasers of Violin Memory common stock
pursuant or traceable to the Company's Registration Statement and
Prospectus issued in connection with its September 27, 2013 initial
public offering (the "IPO").
If you purchased the securities of Violin Memory during the Class Period
and/or pursuant or traceable to the Registration Statement and
Prospectus issued in connection with the Company's IPO, you may move the
Court for appointment as lead plaintiff by no later than January 27,
2014. A lead plaintiff is a representative party who acts on behalf of
other class members in directing the litigation. Your share of any
recovery in te action will not be affected by your decision of whether
to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or
other attorneys, as your counsel in the action.
Memory investors who wish to learn more about the action and how to seek
appointment as lead plaintiff should click here or contact Sharon M.
Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Violin Memory develops and supplies memory-based storage systems.
The actions allege that, throughout the Class Period, defendants
misrepresented and failed to disclose that, at the time of the IPO,
Violin Memory's sales had already been adversely affected by the looming
2013 U.S. government shutdown. The U.S. government is a large indirect
customer of the Company. Moreover, the Company's sales and research and
development expenses had substantially grown during the third quarter of
fiscal 2014, diminishing profit margins at the time of the IPO.
On November 21, 2013, the Company announced disappointing results for
the third quarter of fiscal 2014, with a net loss of $0.85 per share,
and sales of $28.3 million, significantly below analysts' expectations.
The same day, during an earnings conference call, defendants disclosed
that, prior to the IPO, some of the Company's forecasted sales were
canceled and others deferred pending federal government budgetary
negotiations, and that Violin Memory had incurred increased sales and
marketing costs during the third quarter of 2014. On this news, Violin
Memory's stock price fell $2.89 per share, or over 48%, to close at
$3.11 on November 22, 2013.
About Lieff Cabraser
Lieff Cabraser is a nationally recognized law firm committed to
advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser
as one of the top plaintiffs' law firms in the nation.
For more information about Lieff Cabraser and the firm's representation
of investors, please visit http://www.lieffcabraser.com.
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