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 all purchasers of the securities of Infoblox, Inc. (“Infoblox” or the “Company”) (NYSE:BLOX) between September 5, 2013 and May 29, 2014, inclusive (the “Class Period”).
Infoblox develops, markets and sells automated network control solutions worldwide. The Company provides enterprise and service provider-class solutions to automate management of network infrastructure services. The Complaint alleges that defendants misrepresented and/or failed to disclose material adverse facts about the Company’s business, operations and prospects, including that the Company was discounting heavily to attract business, and the Company’s revenue projections were overstated. As a result, defendants’ positive statements throughout the Class Period about the Company’s business, operations and prospects were false and misleading and/or lacked a reasonable basis.
On May 29, 2014, Infoblox announced a net loss of $7.4 million, or $0.14 per fully diluted share, for the third quarter of fiscal 2014, compared with a net loss of $0.3 million, or $0.01 per fully diluted share, for the third quarter of fiscal 2013. That same day, Infoblox announced that Robert D. Thomas was stepping down as the Company’s president and chief executive officer. Following this news, the price of Infoblox shares declined $7.56 per share, or nearly 37%, to close on May 30, 2014, at $12.96 per share, on unusually heavy volume.
If you are a member of the Class described above, you have until July 29, 2014, to move the Court 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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.