|[May 21, 2014]
Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Dell Inc.
NEW YORK --(Business Wire)--
Geller Rudman & Dowd LLP ("Robbins Geller") (http://www.rgrdlaw.com/cases/dell1/)
today announced that a class action has been commenced on behalf of an
institutional investor in the United States District Court for the
Southern District of New York on behalf of purchasers of Dell (News - Alert) Inc.
("Dell") (Nasdaq:DELL) common stock between February 22, 2012 and May
22, 2012, inclusive (the "Class Period"), seeking to pursue remedies
under the Securities Exchange Act of 1934 (the "Exchange Act").
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from today. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests, please
contact plaintiff's counsel, Samuel
H. Rudman or David
A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or
via e-mail at firstname.lastname@example.org. If
you are a member of this class, you can view a copy of the complaint as
filed or join this class action online at http://www.rgrdlaw.com/cases/dell1/.
Any member of the putative class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing
and remain an absent class member.
The complaint charges Dell and certain of its officers and directors
with violations of the Exchange Act. During the Class Period, as alleged
in the complaint, defendants issued materially false and misleading
statements regarding the Company's financial performance and future
prospects and failed to disclose adverse facts, including that: (i) Dell
was experiencing severe market pricing pressures associated with its
notebook and desktop personal computer ("PC") products, particularly in
its European, Middle Eastern and African ("EMEA") and Asia-Pacific,
Japanese ("APJ") markets; (ii) as a result of such extreme pricing
pressures, Dell's management issued a directive not to pursue certain
notebook and desktop PC sales in its EMEA and APJ markets; (iii) Dell
was experiencing weakening demand for its notebook and desktop PC
products, particularly in its EMEA and APJ markets; and (iv) Dell was
experiencing material undisclosed operational deficiencies within is
sales function that were adversely impacting its Large Enterprise and
Public business segments.
On May 22, 2012, after the close of trading, Dell issued a press release
disclosing that revenues for its fiscal 2013 first quarter, the period
ended May 4, 2012, were $14.4 billion, approximately one-half billion
dollars less than Dell's guidance and Wall Street estimates. Dell also
disclosed that it was projecting revenues of just $14.7 to $15 billion
for its fiscal 2013 second quarter, when securities analysts, based on
defendants' Class Period statements, had been projecting revenues of
$15.4 billion. In response to these revelations, the price of Dell stock
fell from its May 22, 2012 closing price of $15.08 per share to close at
$12.49 per share on May 23, 2012, a decline of $2.59 per share, or more
than 17%, its largest single-day decline in over 11 years, on extremely
high volume of more than one billion shares traded, or approximately
six times the average daily trading volume during
the Class Period.
Plaintiff seeks to recover damages on behalf of all purchasers of Dell
common stock during the Class Period (the "Class"). The plaintiff is
represented by Robbins Geller, which has expertise in prosecuting
investor class actions and extensive experience in actions involving
Robbins Geller, with more than 200 lawyers in ten offices, represents
U.S. and international institutional investors in contingency-based
securities and corporate litigation. The firm has obtained many of the
largest securities class action recoveries in history, including the
largest jury verdict ever in a securities class action. Please visit http://www.rgrdlaw.com
for more information.
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