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 the securities 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 the 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.
Violin 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.
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