NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm, a global investor rights firm, announces that a class action lawsuit has been filed on behalf of purchasers of SanDisk Corporation (NASDAQ:SNDK) securities from October 16, 2014 through March 25, 2015. The lawsuit seeks to recover damages for SanDisk investors under the federal securities laws.
To join the SanDisk class action, go to the firm’s website at http://www.rosenlegal.com/cases-574.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The lawsuit alleges that SanDisk made false and/or misleading statements and/or failed to disclose that: (1) the Company was encountering production qualification delays on certain of its key products; (2) the Company was experiencing lower than expected sales of its enterprise products; (3) the Company was susceptible to lower pricing in some areas of its business; and (4) as a result, the Company would be forced to announce drastically lower first quarter revenue estimates compared to prior forecasts, and completely withdraw its 2015 financial forecasts.
On March 26, 2015, the Company announced that it expects revenue for the first quarter to be $1.3 billion, compared to the previously forecasted revenue range of $1.4 billion to $1.45 billion. The Company primarily attributed this reduction 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 fell $14.98 per share to close at $66.20 per share on March 26, 2015, damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 29, 2015. If you wish to join the litigation, go to the firm’s website at http://www.rosenlegal.com/cases-574.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at firstname.lastname@example.org or email@example.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.