BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of a class (the “Class”) comprising purchasers of the securities of SanDisk Corporation (“SanDisk” or the “Company”) (NASDAQ:SNDK) between October 16, 2014 and March 25, 2015, inclusive (the “Class Period”). Investors with losses in excess of $100,000 in SanDisk stock are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding quality control within the corporate organizational structure, and an overall decline in the Company’s competitive advantages. Specifically, Defendants made false and/or misleading statements regarding certain production qualification delays on certain of its key products, and that the Company was experiencing lower than expected sales of enterprise products and was vulnerable to lower pricing in some areas of the business.
On March 26, 2015, before the market opened, the Company issued a press release announcing a large reduction in its forecasted revenues. The Company disclosed, that this reduction in guidance was "primarily due to certain product qualification delays, lower than expected sales of enterprise products and lower pricing in some areas of the business." On this news, shares of SanDisk declined $14.98 per share, or 18.45%, to close on March 26, 2015, at $66.20 per share, on unusually heavy volume..
If you are a member of the Class described above, you may move the Court no later than May 29, 2015, to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, toll-free at 888-638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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